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Let's Talk College Costs...Fall Sophomore Year

May 11th, 2017 at 06:12 am

As of my daughter's sophomore year, she still has her primary scholarship of $7,000 per semester. She still has her honors scholarship of $250.

The fall of her sophomore year she enrolled in 13 credits.

$10,350 Tuition and Fees
_$5,801 Fall Housing
$16,151 Total Before Scholarships
($7,250) Scholarships
_$8,901 Total After Scholarships
($4,750) Paid from ESA
($4,151) Paid Out of Pocket

I don't have an account of book and art supplies costs for this semester. As a music major she often has to hire an piano accompanist for a couple practices and then the performance. She pays these fees out of her own money.

I'm remembering that the reason I pay at least $4,000 toward tuition out of pocket is to qualify for the American Opportunity Tax Credit. The maximum tuition amount you can claim is $4K. The maximum credit is $2,500.

I looked back at our bank account last year and can see we were definitely socking away between $800-1,100 a month early in the year. This is where some of that money went...tuition!

Another thing to note, is that she took 13 credit hours in the Spring and Fall of 2016. There was a cost difference in tuition and fees of $431. A small portion may be fees specific to classes, but an increase non the less.

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