Education-related tax breaks grow

Posted by Jen Lynch

By Carolyn Bigda, Chicago Tribune

The average annual cost for tuition and fees at a four-year private college in 2008 was more than $25,000, according to the latest survey by the College Board.

Do you have the cash for that?
Lawmakers are betting no.

As a result, the American Recovery and Reinvestment Act, the giant stimulus bill that President Barack Obama signed into law last month, includes several breaks for families and students paying for higher education.

The timing is auspicious: The deadline to apply for financial aid at most colleges and universities falls within the next month. To apply, you need to fill out the Free Application for Federal Student Aid at www.fafsa.ed.gov.

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