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by Agnes Jasinski

Whether you're an independent filing your own taxes, or a dependent whose parents or guardians are covering a good portion of your tuition, it's a good idea to be aware of the tax credits and tax benefits you and your family members could be eligible for this filing season.

The federal government has estimated that up to 2 million tuition-paying Americans will receive as much as $2,500 back on their taxes when they file in both 2010 and 2011 by taking advantage of the American Opportunity Tax Credit. That credit was established through the American Recovery and Reinvestment Act. The American Opportunity Tax Credit, which can be claimed for tuition and certain fees you pay for higher education in 2009 and 2010, is targeted at low- and middle-income families, and isn't available to single filers earning more than $90,000 a year or couples earning more than $180,000. Even those who owe no taxes due to how little they make may receive refunds of up to $1,000.

The American Opportunity Tax Credit expanded (and renamed) the already existing Hope Credit. How did the two compare? 

• The Hope Credit applied only to the first two years of college. The American Opportunity Tax Credit can be claimed for expenses for the first four years of post-secondary education.
• The American Opportunity Tax Credit is a $700 increase over the Hope Credit.
• The term "qualified tuition and related expenses" has been expanded to include expenses used for "course materials," which means books, supplies, and equipment needed for a course of study.
• A qualified, nontaxable distribution from a Section 529 plan during 2009 or 2010 now includes the cost of the purchase of any computer technology, equipment, or Internet access and related services, if such purchases will be used by the beneficiary of the plan and the beneficiary's family during the time those beneficiaries are enrolled in an institution of higher education.

Other important facts before you file for an American Opportunity Tax Credit:

• The credit is claimed using Form 8863, attached to Form 1040 or 1040A.
• You have to choose between tax credits. You cannot claim the tuition and fees tax deduction in the same year that you claim the American Opportunity Tax Credit or the lifetime learning credit. (You should choose which one will offer you the best refund. It's fine to take advantage of all of your options.)
• 60 percent of the American Opportunity Tax Credit is nonrefundable, so if your credit exceeds your tax, the difference isn't refunded to you.

Make sure you and your family are prepared this tax season, because the federal government does offer perks to going to - and paying for - higher education.

by Emily

The stress and financial hardships of textbook buying may soon be a thing of the past, as a vast array of textbook rental options are expected to debut or expand this year.  According to a recent article in The New York Times, students will have increasing options for renting, instead of purchasing, the required books for many common courses.  Rental prices are usually substantially discounted from the retail value of the book and students who rent textbooks will not have to worry about whether or not the bookstore will buy back their text at the end of the semester.

A number of colleges and universities have unveiled on-campus textbook rental programs in recent years, making the texts for popular introductory courses available for a small fee.  More bookstores have begun to get in on this, with Barnes and Noble announcing a pilot program this year that will allow students at a few colleges to rent textbooks from their campus bookstores.  These programs allow students to rent textbooks as easily as they can buy them from the campus store, though they're still only available at a handful of colleges and for a handful of textbooks.

Several websites have emerged in the last couple years offering online textbook rental services to students anywhere in the country.  These sites often have a wider array of books available for rental, though after shipping costs are figured in, their discounts may not necessarily be as deep as those offered by some bookstore-based rental programs.  Similar to buying textbooks online, online rentals also require some forethought and don't work well with last-minute schedule changes.  Students have to order their books early enough to have them in hand by the time they begin receiving reading assignments.

Addressing this need for immediately available content is one publishing house that recently announced plans to enter the textbook rental market.  One company, Cengage Learning, plans to rent a number of its most popular titles to students and make the first couple chapters of each book available online to customers who have rented a physical text.  This reduces the stress of waiting for the book to arrive.

Taking advantage of textbook rental programs, as well as other options like used books and free online books, can help you stretch your college savings and scholarship awards further.

by Agnes Jasinski

As graduation season begins on college campuses across the country, many of you are well-prepared and excited for this new chapter in your lives. You have jobs or internships lined up in your fields of study, or have travel plans set for the summer before you’re officially labeled “adults.” For many others, however, the months after graduation are more nerve-wracking than anything else. So we’ve come up with a series of posts this week that will hopefully ease your minds a bit, and perhaps more importantly, help you see that you’re not alone.

Before we get into ideas on what you could do with your life post-graduation if you haven’t yet nailed down a job or other plans, we think it’s important to address the anxiety many graduates feel when their college experience is coming to an end. You probably became used to the freedom you first felt as a freshman on a new campus with endless possibilities. Now, as you’re watching your senior year come to end, you’re probably faced with endless questions instead from family and friends: "Have you found a job?" "What are your plans?" "Where will you live?"

First of all, take a step back and breathe. Although the economy has yet to rebound completely, there are thousands of others in the same boat as you, and it’s fine to take some time to be indecisive about what you want to do next. Once you’ve done that, you need to prepare to confront your future and do a bit of self-reflection. Graduating from college can be overwhelming. Many college students end up in careers unrelated to their majors, or take time off after college (if such an option is financially feasible) to figure out what it is they really want to do, via travel, volunteerism, or internships in fields they may be interested in exploring further.

Speaking of finances, much of the anxiety felt by recent graduates comes from the doom and gloom that comes with budgeting once you’re out of college. You no longer have your financial aid package or the option to increase your student loan totals (a bad idea, by the way, that should only be considered as a last resort) as a cushion, although there are things you can do to ease the burden a little bit right after graduation. If you’re unemployed, defer your student loans. You don’t want to face fees and interest charges for being unable to make payments on your loans and hurt your credit score in the process. If you have any prospects for part-time work or full-time temporary work, start saving. Finding a job isn’t a science, and sometimes it does take a while to find that perfect fit.

Tomorrow we’ll talk more about what you can do in the short-term as a recent graduate, because you really do have quite a few options. Were you floundering until you came across that perfect post-graduation plan? We'd love to hear your stories!

This is the first post in a three-part series on dealing with that “What’s next?” feeling college students may get post-graduation. Return to the Scholarships.com blog tomorrow for a look at popular short-term plans for recent college graduates, especially if your upcoming summer is looking fairly open!

by Agnes Jasinski

If you've had classes since 2001, the year the (in)famous online, user-edited encyclopedia was launched, chances are you're guilty of using Wikipedia as a source of information while completing your coursework. A new report from First Monday, an online peer-reviewed journal, took a look at just how prevalent the site has become on college campuses in particular (although high school students are probably just as bad offenders), and how students have begun to rely on Wikipedia as a resource.

According to the study, more than half of all respondents use Wikipedia frequently or always for course-related research. Students in architecture, engineering, or the sciences were more likely to use the site in their courses than other majors. (This could have something to do with the fact that students in social sciences like psychology or history must provide reference lists more often for papers they turn in, and citing Wikipedia simply won't fly on a college level essay.) The study surveyed 2,318 students, and took qualitative data from 86 of those students who participated in focus groups.

Other major findings of the study include the following:

• Most students said they used Wikipedia for a summary about a topic (82 percent), the meaning of related terms (67 percent), and to get started on research (76 percent).
• About 52 percent of the respondents were frequent Wikipedia users, even if an instructor advised against it.
• Only 22 percent reported that they rarely, if ever, used Wikipedia.
• About 17 percent used Wikipedia because they thought it was more credible than other sites.
• Only about 2 percent used Wikipedia toward the end of their research process.
• Overall, the strongest predictor of using Wikipedia was being someone who also used Google for course–related research.
• Those enrolled in two–year campuses were less likely than those in four–year institutions to report that they used Wikipedia.

Whether you're writing a college essay or applying for an essay scholarship, here's a good rule of thumb on citing Wikipedia as a reference—don't do it. While the site can be an excellent tool for you to kick off your search, as the study above suggests, it simply isn't reliable enough to be taken seriously by academia. Anyone can add to and edit entries on the site, so it's always best to do some fact-checking after you get your Wikipedia summary prior to the start of the rest of your research. (Stephen Colbert proved this point when he edited Wikipedia articles on his own show, George Washington, and elephants, all while viewers watched. He also coined the term "wikiality," which refers to the reality that exists if you make something up and enough people agree with you.)

by Anna Meskishvili

Personally, I think that choosing a roommate is one of the most challenging things about college. They are the ultimate lottery. But in order to pick the right roommate for you, you must first properly understand yourself.

I’m sure you have all completed (or will soon complete) some variation of the “roommate survey,” which might reveal to you a prototype of the perfect roommate but here’s a reality check: Roommates are not perfect. In order to be the best roommate you can be, evaluate yourself. Speaking from experience, I thought I wanted to be best friends with my roommate, wanted my room to be the social hot spot of the floor and didn’t care about order or rules. Turns out, when you’re busy as a bee like me and are exhausted when you come home, the last thing you want to see is a dog pile of frat boys on your bed trying to see how many grapes they can shove in their mouths. Don’t get me wrong, I work hard and play hard but I always idealized my room as a place I could go to do neither those two things.

The bottom line about choosing roommates, make sure you both are on the same page and don’t just assume you are – talk about it. This is someone you will be living four feet away from for a year and avoidance is not an option. Top issues to cover are:

• What time do you usually go to bed? Do you need the TV on to fall asleep?
• Do you plan on studying or partying in the room?
• If I vacuum the room on Mondays, can you do it on Fridays?
• Are you going to have a lot of overnight guests? Let’s make a code.
• Do you expect me to be in the room all the time?

And before you ask your prospective roommate any of these questions, ask them to yourself. Good luck, roomie!

Anna Meskishvili is a rising senior at Boston University pursuing a Bachelor’s Degree in Public Relations at the College of Communication. She is part of Kappa Delta at BU and has loved every second of it. She is also involved in Public Relations Student Society of America and Ed on Campus. Anna was born in the Republic of Georgia and considers herself a citizen of the world because she’s lived in Russia, England, France, Brooklyn and Connecticut. She hopes to someday work in Healthcare Administration Communication. She loves to travel, run and learn.

by Jacquelene Bennett

It’s that time of the year again – summertime...and moving time for many college students. Here are a few simple tips for moving out of your doom or apartment:

• Donate your stuff rather than throw it away. It’s the end of the year and you are realizing how much stuff you have accumulated over the last nine months. Rather than throwing away those jeans that don’t fit or that lamp you never use, donate them. At the end of every school year, Goodwill sets up a donation center on my campus where they will take everything from used clothing to electronics. See if your school does the same!
• Utilize your school’s on-campus storage spaces. If your residence hall offers temporary summer storage for students, take advantage of it! Space is usually limited but this is a great option for storing things that you won't need during the summer months (think: mini-fridge and cooking utensils). If your school doesn’t have storage on campus, get some friends to split the cost of renting a storage locker somewhere near campus. Bonus: Many facilities offer discounts to college students.
• Make sure to clean. It might be a hassle to vacuum the floors and take out the trash but it will cost you less in the long run. Schools often charge fees for unclean rooms (at my school, it’s $25 for every bag they fill with trash from a room) so if you don’t want to be billed, make sure it’s clean!
• Keep it organized. Don’t just throw items in random boxes and suitcases; take the time to label them and make sure everything is secure. This will help when physically moving all your stuff and when you unpack later on at home.

Jacquelene Bennett is a rising senior at the University of Redlands where her areas of study are creative writing, government and religious studies. When she is not studying or working, you can usually find her eating frozen yogurt or blogging about her day. She has a cactus named Kat and believes that Stephen Colbert is a genius. Jacquelene works hard, laughs hard and knows that one day you’ll see her name in lights.

by Katie Askew

Public transportation: Some fear it, some embrace it. Ten months ago, I was the former but I’m now proud to say I am the latter.

Cars are the main mode of transport where I’m from in South Dakota – even 14-year-olds can have their licenses here! – but moving to the “big city” to attend the University of Minnesota meant giving up my car. I left it dead and dust-covered for nine months and, in a way, also left a piece of me back home. I was petrified at the thought of climbing onto a...a...public bus. Yuck, but I had no other option if I wanted to go to Target or to downtown Minneapolis for concerts and clubs. I even rode the light rail during a shopping spree with friends at the Mall of America (it goes right to the basement of the mall!).

I will never regret learning the bus and light rail routes of Minneapolis because it saves me tons of time, money and public transportation really wasn’t as creepy or dirty as I thought it was going to be. As time passed, the more thankful I became for not having to pay expensive parking fees, car insurance and all the parking tickets I surely would have received. I won’t even mention the loads of money I saved on gas...$4 a gallon, anyone?

The University of Minnesota has extremely discounted bus and light rail passes for students. Your school probably does, too, but if you REALLY can’t bring yourself to take public transportation and are contemplating bringing your car to campus, consider bicycles, rollerblades, longboards and good old-fashioned walking – all of which are cheaper for you and better for the environment. Things may be different if you attend college in a more rural setting but going to a metropolitan school without a car is possible!

Katie Askew is a freshman at the University of Minnesota pursuing degrees in journalism and English. At school, Katie can be found reading, drumming or working in the Office of Admissions. Outside of school, she enjoys traveling, performing or teaching music and spending time outdoors with friends and family. Katie loves all things zebra and has a necessary addiction to coffee. Her iPod is perpetually playing Death Cab for Cutie or classical music because she truly believes that when words fail, music speaks.

by Jessica Seals

College classes, whether taken online or in person, may all seem to be the same. Both types require you to read, write papers, take tests and participate in some way but there is a big difference in the lifestyle that you can lead when you take online classes instead of taking traditional classes on campus.

I have personally taken both online and traditional classes, experienced the differences between the two and quickly learned that my learning style needed to be adjusted on a class-by-class basis. With traditional classes, you have a set time to go to class, turn in work and take tests. Your other daily activities have to be planned around your class schedule. Online classes allow you to be more flexible with your time – the ones I’ve taken allowed me to base my school activities on my daily schedule and do the work when it was convenient for me – while still studying and adhering to deadlines set by the instructor. But with this increased flexibility comes more responsibility, as you have to learn how to make a schedule you can stick to. This schedule should list all of your assignments along with their due dates so that you don’t miss turning anything in. (When I first started taking online classes, I missed two assignments because I hadn’t adjusted to this new type of learning. Ouch!)

Online classes are very convenient for those who have busy schedules that don’t allow them to sit in traditional classes. Taking classes online makes it easier to push your work to the side until the last minute, so be prepared to manage your time more closely if you want to stay on track.

Jessica Seals is currently a senior at the University of Memphis majoring in political science and minoring in English. At the University of Memphis, she is the secretary of the Pre-Law Society, the philanthropy chair of the Phi Kappa Phi Student Council and a member of Professional Assertive United Sisters of Excellence (PAUSE), Golden Key Honor Society, Alpha Lambda Delta Honor Society, Sigma Alpha Lambda Honor Society, and Black Scholars Unlimited. She also volunteers to tutor her fellow classmates and hopes to attend law school in the near future.

by Kara Coleman

It’s important to s-t-r-e-t-c-h your money as far as it will go when putting yourself through college and one way to do this is by exploring your options for buying and selling textbooks.

Your campus bookstore is the most obvious option but it's also the most expensive. One good thing about campus bookstores is that some will allow books and other school-related items like notebooks and calculators to be covered by grants and scholarships. Some bookstores sell both new and used textbooks and allow students to sell their books back to the store for cash at the end of each semester...but you only get back a fraction of the amount you actually paid.

Since your fellow students are in the same boat you’re in, ask around for a specific book that you need. One guy sold his $200 Spanish book to me for $100 and a girl I know let me have her $70 math book for $30. It’s also a good idea to swap books with friends if they are taking a class that you took last semester and vice versa. That way, everyone saves money.

The Internet is your friend so check around online to see what sites have the best prices on what you need. I have friends who routinely order their textbooks from Amazon.com, Half.com and Betterworld.com. (These are great places to sell your used textbooks as well.)

If you don’t want to buy, consider renting your textbooks for a semester from Chegg.com. I did this last year and I think it’s a great idea. At the end of the semester, Chegg emailed return address labels to me and there was no charge to ship my books back to them.

Kara Coleman lives in Gadsden, Alabama, where she attends Gadsden State Community College. She received the school’s Outstanding English Student Award two years in a row and is a member of Phi Theta Kappa. She plans to transfer to Jacksonville State University in August 2011 to study communications with concentration in print journalism. Kara’s writing has been featured in Teen Ink magazine and she is a children’s book author through Big Dif Books. In her spare time, Kara enjoys reading, painting, participating in community theater and pretty much any other form of art.

by Jacquelene Bennett

Here is a bit of advice for all you graduating high school seniors: Save your test scores!

All that time and money you spent on the SATs, ACTs and APs and all those other acronymonous tests are not for naught! Besides being a tool for college admittance, these tests will actually benefit you later on in your college career. I know...crazy, right? All that time spent studying vocabulary, major historical dates and algebraic equations was actually worth it in the long run!

I know from personal experience: My SAT I scores on the writing and reading comprehension sections (good but not great scores, mind you) exempted me from a general requirement writing class. While your SAT scores are generally used for assessing your placement within a university, these scores can sometimes aid your college in placing you in the proper introductory classes or can waive your gen eds entirely (though every school is different so check with the registrar).

For those of you who took AP classes and did well on the final AP tests, scores of three or higher usually exempt you from certain college courses. I have a friend who didn’t have to take any history, science or foreign language gen eds because her AP scores were accepted in lieu of taking these classes. Pretty cool!

So, like I said before, save those scores! And for those you who are still undergoing this standardized testing process, do your best on them – they could save you from the headache of having to take a 100-level English class later on.

Jacquelene Bennett is a rising senior at the University of Redlands where her areas of study are creative writing, government and religious studies. When she is not studying or working, you can usually find her eating frozen yogurt or blogging about her day. She has a cactus named Kat and believes that Stephen Colbert is a genius. Jacquelene works hard, laughs hard and knows that one day you’ll see her name in lights.