Government & Community Resources
Section I / Section II / Section III / Section IV / Section V / Section VI

Tax Breaks

Going to College while Working. Workers are allowed to exclude up to $5,250 of employer-provided education benefits from their income. This assistance must be for undergraduate courses beginning after June 1, 2000. (Check for latest exclusions.)

Loan Forgiveness. If a student works in community service or seeks employment in certain designated areas, certain student loan amounts may be forgiven, or excluded from their declared income. This applies to loans made after August 5, 1997. Working on Community Service Projects-For borrowers who take community-service jobs that address unmet community needs, such as those with nonprofit, tax-exempt, charitable, or educational institutions. Serving in the Peace Corps- For details on loan forgiveness qualifications, check with the holder of your loan. Teaching in Public Education-For details on loan forgiveness qualifications, check with your State Department of Public Instruction.)

Record-Keeping after Graduation. Keep a record of certain expenses during your job search and afterwards for possible tax deductions if you itemize your tax return. Possible deductions include moving expenses, qualified educational expenses after graduation, job-related expenses, major medical expenses, mortgage interest, professional dues and membership fees, tax-preparation fees, charitable contributions, and state and local taxes.

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