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Should i not claim my college student as a dependent?
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Should i not claim my college student as a dependent?
Furthermore, there is a rule that says IF somebody else CAN claim him as a dependent, he is not allowed to claim himself. Claim 2018 College Student Deductions. If you cannot get the education credit due to your income---that is the way Congress wrote the. Whether he is a dependent, or not, the 1099-Q, that you are the recipient of, goes on your return. If you're not being financially supported by someone, you can file as a single, and/or claim yourself as a dependent. You can claim a dependent exemption for your married child only if she qualifies as your dependent. There needs to be some coordination between the parent and the student, when the student is not a dependent. Income tax rates withheld from a paycheck range from 0 to 39 The percentage taken out of a paycheck for taxes depends on the person’s income, marital status and allowanc. If your income-earning dependents are required to file (or want to file in order to claim a tax refund or credit), they'll have to file their own tax return, separate from yours. If your dependent child is under age 19 (or under 24 if a full time student), he or. Be one of these: Your son, daughter, stepson, stepdaughter, or eligible foster. But, since they can claim you, you may not claim yourself. An orphan or ward of the court. Claiming one exemption or dependent results in a little less tax withholding than. To qualify as a dependent, your partner must have lived with you for the entire calendar year and listed your home as their official residence for the full year. Get an overview of the tax benefits for students from our tips for filing as a student. he is a full time student under 24 for at least 5 calendar months of the year (graduating in May usually means you meet the 5 month rule) 2. The Lifetime Learning Credit is worth up to $2,000 per year. Dependency status on IRS Form 1040 is specified by the Internal Revenue Code of 1986 [ 26 USC 152 ]. Students and parents should check the rules for dependent filing and determine whether the. If all they have is earned income on a Form W-2, they need to file if their income exceeds $6,300. Generally, a parent can claim your college student children as dependents on their tax returns. However, a college financial aid administrator can perform a dependency override to change a student's dependency status from dependent to independent when there are documented unusual circumstances. The student must be either a U citizen, resident or national, or a resident of Canada or Mexico. If you claim yourself as a dependent, you can't claim any dependents for yourself. Even though the 1099-Q is going on the student's return, the 1098-T should go on the parent's return, so you can claim the education credit. You can't deduct qualified student loan interest payments you paid on a loan in your dependent's name. Write your name, Social Security number, address and filing status in boxes 1 through 4. If your mother chooses to mail her tax return claiming you as a dependent, the IRS will then ask each of you to provide the proof to support your claims. If your income is high enough to lose out on the dependent exemption for a child attending college, your family may benefit from opting not to claim your college student as a dependent. You can also refer to Do I need to file a tax return? to see if your income. If you're not being financially supported by someone, you can file as a single, and/or claim yourself as a dependent. The student will not get more financial aid by claiming themselves on their own tax return. If your dependent child is under age 19 (or under 24 if a full time student), he or. If he/she was a student (under 24) for at least 5 months and lived with you for more than half the year, and did not provide more than 1/2 his own support for the whole year, you can still claim him. All college students should learn more about the Tuition Tax Credit Qualifying students attending a South Carolina college or university can receive a credit up to 50% of tuition paid, limited to $1,500. Your son qualifies as your dependent. **Say "Thanks" by clicking the thumb icon in a post. The first step is for your child to claim the tuition amount by completing federal Schedule 11 and the corresponding provincial schedule. Note that you can claim a parent as your dependent even if the parent doesn't live with you, as long as you pay for half the costs of their home, including if they live in a nursing home Be sure to visit our Tax Guide for College Students and find out about student forms that can be filed for free Original supporting documentation for dependents must be included in the application This is an optional tax refund-related loan from Pathward®, N; it is not your tax refund. There is a phaseout for the Student loan interest deduction, which means the amount you can deduct gets reduced when. If your child was born in 2021make sure you said he lived with you the whole year. ) We can talk about that if you have further questions. Each state has different tax laws. This could account for the difference between last year's refund and this year's. You can claim interest on a qualified student loan you took out for your dependent as long you meet both of these: The loan was in your name. If you are starting the FAFSA form on behalf of your child, choose the option on the right, "Enter the student's information Do not choose the option on the left, "Enter your (the student's) FSA ID Enter your child's name. The student must select the option for "I can be claimed on someone else's return", on the student's tax return. Due to high income, AOTC cannot be claimed by parents who are filing jointly. Income tax rates withheld from a paycheck range from 0 to 39 The percentage taken out of a paycheck for taxes depends on the person’s income, marital status and allowanc. ) of more than $12,550 (2021) or $12,950 (2022). To be a Qualifying Child - The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them The child must be (a) under age 19 at the end of the year, (b) under age 24 at the end of the year and a full-time student or (c) any age and. A part-time college student can only be claimed as a dependent if they are under 19 years old. (Note that if the parent's coverage is obtained via. One spouse may claim the credit, and the other. Expert Alumni. He has both unearned and earned incomes If you're still interested in claiming dependents, but your child doesn't meet these tests, your college student can still be your dependent if: You provide more than half of the child's support. The result: independent students might qualify for more aid. Assuming your daughter is under age 24 and a full time student, she is your dependent if she lives in your home more than half the year, and does not provide more than half her own support. The age test is straightforward, as a dependent has to be under 19 to pass it. Note that you can claim a parent as your dependent even if the parent doesn't live with you, as long as you pay for half the costs of their home, including if they live in a nursing home Be sure to visit our Tax Guide for College Students and find out about student forms that can be filed for free Original supporting documentation for dependents must be included in the application This is an optional tax refund-related loan from Pathward®, N; it is not your tax refund. You get way more aid if you're independent. If your child has earned income during the tax year, they must file a separate return to either receive a tax refund or pay any balance owed to the IRS. College student claimed as dependent. Understanding how to obtain these benefits when filing t. I think the rule is that since he turned 24 on 2022, I cannot claim him as a dependent for 2022 tax year. If you plan to claim someone as a tax dependent for the year you want coverage, do include them on your application. As long as your child lives with you while not in school, you'll meet the residency requirement. However, the age restriction doesn't apply for children who are permanently disabled. You don't claim "dependents" on the FAFSA. Otherwise, you may set up your withholding at too low a rate. Say NO to that question. To be eligible to claim the AOTC or LLC, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition Statement PDF, from an eligible educational institution, whether domestic or foreign. The couple meet all other requirements to claim either of the education credits (which are analyzed here together for comparison, although a taxpayer may not claim both with respect to the same student in the same tax year). That's 100% of the first $2,000 you paid toward qualified education expenses and 25% of the next $2,000. 1 Best answer. It sets the foundation for their future career and can have a signifi. That way, the parents (or himself, if he is not a dependent) can claim the tuition credit on their return. In a nutshell, you can usually claim your college student as a dependent if they're a full-time student (enrolled as full-time via credits per the respective school for any part of at least 5 months during the year) at a qualifying school and they meet the IRS guidelines below. This typically includes being their parent, grandparent, or legal guardian. No, there is not a workaround for your daughter to claim the college tuition. For example, someone with $1,000 of ordinary income and $500 of unearned income. The more dependents you have, the higher the deduction will be, but the amount differs for dependents age 17 and below and other dependents. A tort is a legal claim filed with the intention of providing relief for a civil wrong. Dependency status on the FAFSA is specified by Section 480 (d) of the Higher Education Act of 1965. Have a child in college — and is it your turn to claim them as a dependent? Check out these four extra post-divorce tax breaks that you could help you cut how much you owe the IRS. He received a few W-2s from jobs he has had and a 1098T from college. High school absolutely counts as being a full-time student. See the following TurboTax help article for more information: Level 15. 1 • You can't claim a person as a dependent unless that person is your qualifying child or qualifying relative. To be allowed to claim your parent as a dependent, your parent's taxable income must be less than $4,700 for tax year 2023 (and $5,050 for 2024). For example, your 24-year-old child might be a student who makes less than $4,400 and lives with you. An orphan or ward of the court. It's up to the beneficiary and their parents to save receipts and. There are many scenarios where you may be wondering if you can claim someone, such as a married dependent or a college student. If you CAN be claimed as a dependent then you are required to say on your own tax return that you can be claimed. quesa loco The Child Tax Credit is up to $2,000. The Child Tax Credit is up to $2,000. For 2018, I filed single with no dependents a f not hoh as it was her year to claim him. Chances are good you were claimed as a dependent on your parents' taxes while you were a college student. Almost 19 million FAFSA applications are processed annually. **Say "Thanks" by clicking the thumb icon in a post. You can still claim him, but make sure he puts he's a "dependent of another" on his own return. Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. he must attend school, as a full time student, for parts of five calendar months to qualify as a qualifying child dependent. Students and parents should check the rules for dependent filing and determine if the student is required to file their own return based on their gross income, says Kathy Pickering, chief tax. 20, 2003, Crooks does not have a criminal record in Pennsylvania, nor has he been sued there, according to state court records. The questions are pretty much 'yes' or 'no'. In higher education, students are classified as independent or dependent, which refers to their financial dependence on their parents or legal guardians. February 1, 2021 11:23 AM. The student must select this option ieven f the parent's qualify to claim the student as a dependent, and the parents do not claim them. To qualify as a dependent, the child must: Be under age 19, a full-time student under age 24 or permanently and totally disabled; Not provide more than one. The form isn't due to the IRS until Feb. herring bank $4,500 for second-year. The College Investor Student Loans, Investing, Building Wealth Arkansas has two. Your parents can claim you as a dependent when you're a student while you're younger than 24. He is under age 19, or under 24 if a full time student for at least 5 months of the year, or is totally & permanently disabled He did not provide more than 1/2 his own support. The first step is for your child to claim the tuition amount by completing federal Schedule 11 and the corresponding provincial schedule. Marital status — A qualifying child must not file a joint return unless both conditions are true: No, you are not able to claim your son with his income of $19,000. I feel the need to go further. If you are single with dependents, there is a section for you to claim deductions based on the number of dependents. (For example - you're a college student and your parents claim you). Saving for college has tips and resources for you. Generally, a parent can claim your college student children as dependents on their tax returns. She can now claim the credit, even if you were the one who paid. When should I stop claiming my college student as a dependent? Normally the IRS does not allow children as financially dependent for more than 18 years. you do not include the information on your own return. For 2024 (taxes filed in 2025), the child tax credit will be worth $2,000 per qualifying dependent child if your MAGI is $400,000 or below (married filing jointly) or. *do* *not* *count* for the student providing their own support. If you are starting the FAFSA form on behalf of your child, choose the option on the right, "Enter the student's information Do not choose the option on the left, "Enter your (the student's) FSA ID Enter your child's name. chicago police zone 7 Also, the parent you are claiming cannot file a joint tax return. A graduate or professional student. The child and dependent care credit is a tax credit that may help you pay for the care of eligible children and other dependents (qualifying persons). You would not need to enter the 1098-T or other education information in your return. However, do coordinate with your mom - she cannot claim you as a dependent if you file as single, and one or both of you will be rejected. Additionally, if the student makes enough money to owe taxes, it makes sense to reduce that tax bill as much as possible. I have lived with them since I finished college but have worked a full time job and paid for all my own things except for rent. He has both unearned and earned incomes If you're still interested in claiming dependents, but your child doesn't meet these tests, your college student can still be your dependent if: You provide more than half of the child's support. The parents will claim all schollarships, grants, tuition payments, and the student's 1098-T on the parent's tax return and: The parents will claim all educational tax credits that qualify. Claiming the tuition credit from your child is a two-step process. The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them The child must be (a) under age 19 at the end of the year and younger than you (or your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-time student. They're under age 19 (or a full-time student under 24) They rely on you for more than half of their financial support. Here is an article about claiming a dependent.
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Your child must be under age 19 or, if a full-time student, under age 24, as of year end to qualify as your dependent. Any education credits can be entered on your own tax return. The child's gross income (income that's not exempt from tax) is less than. In most cases, it makes perfect sense for a traditionally aged college student to remain a dependent for tax purposes. Your parents can claim you as a dependent when you're a student while you're younger than 24. Your parents do not want to provide their information on your FAFSA; or Your parents refuse to contribute to your college expenses; or Your parents do not claim you as a dependent on their income taxes; or You do not live with your parents. Tax filer + spouse + tax dependents = household. You must sign in to vote. Can my 22 year old daughter (who is a college student) claim herself as a dependent for income tax purposes? While I will lose the $500 dependent deduction by not claiming her, it appears the net benefit is greater for her to claim herself. I am pretty sure I won't be able to get a stimulus check nor file for unemployment if needed if I am a dependent In this post, you will be learning about Chapter 35 Educational Benefits for Dependents. So as in prior years, 1099Q will be issued to me (under my SS#) and a 1098T will be issued to my daughter (under her SS#). Transfer the number on line H to box 5 of the W-4 form. 2 Best answer Level 15. 1995 d copper quarter The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative. The credit maximum is $2,000. There is a rule that says IF somebody else CAN claim him as a dependent, he is not allowed to claim his own exemption. I got a $500 credit for taxes for other dependents on my taxes last year, and my grandson who lived with us turned 18. The College Investor Student Loans, Investing, Building Wealth Arkansas has two. If a student makes wages, they can file their own return. If he earned less than $4300, you may get a $500 credit for him as an 'Other Dependent'. She has dividend income of $275 and wages of $2,500. u/Its-a-write-off is correct. Step 3: Claim Dependent and Other Credits. Not eligible for the standard deduction Scenario 1: You have used all your scholarship and grant money for qualified expenses such as tuition and books. Even if she were not your dependent, There are restrictions on a student claiming herself and getting the refundable portion of the American Opportunity credit. Your relatives. 8% net investment income surtax, the capital gains tax would be 23. What should be claimed on a W-4 withholding form depends on the taxpayer’s overall tax situation. To claim a student as a dependent, they must be under 24 years old. chakra frequency Some plans will keep the young adult insured until the end of the plan year (which often corresponds to the calendar year) in which they turn 26, although others will drop them from the plan the month they turn 26. Chances are good you were claimed as a dependent on your parents' taxes while you were a college student. The parents will claim all educational tax credits that qualify. To claim a student as a dependent, they must be under 24 years old. Advertisement Perhaps you once imagined your empt. 1 Best answer Level 15. Filing taxes as a student can be tough — and filing taxes for your dependent student can seem. 1 Best answer Level 15. These opportunities provide invaluable real-world experience and can make a significant impact on a st. If the student cannot be your. This is a time your financial responsibilities will likely increase, including complying with your tax obligations to the IRS. Your college-age child can work and earn income, and you can still claim an exemption for her as a dependent, as long as she does not provide more than half of her financial support for the entire year. In most cases a student who is under age 24 by January 1 of the academic year is considered to be a dependent student, regardless of whether the student is claimed as an exemption on the parent's federal income tax return and regardless of whether the student is financially self-sufficient. Generally, you cannot claim someone as a dependent if he or she is married and filing a joint tax return. There's a lot more free stuff for students than most people realize – you just have to know where to look. In this article, we will uncover some hidden gems. The tuition and fees deduction has a maximum deduction of $4,000 and is eligible to students enrolled in a qualified education institution. For example, some higher education tax credits are only available to moderate-income earners. FAFSA Dependency Questions. bungalows for sale drumsagard cambuslang The age is for 2 different things. Even though she is your dependent, you do not claim any of her scholarship on your return. The College Investor Student Loans, Investing, Building Wealth Montana has mu. To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the. All college students should learn more about the Tuition Tax Credit Qualifying students attending a South Carolina college or university can receive a credit up to 50% of tuition paid, limited to $1,500. Based on a CollegeBoard report, the tuition and fees at a 4-year public university in 2018-2019 was $26,290 for out-of-state students, compared to $10,230 for in-state students. Regarding requirements for claiming full-time college student as your qualifying child for EIC purposes, the student must: Be under age 24 if a full-time student for five months during the year — and be younger than you or your spouse if married filing jointly. gov and click "Start A New FAFSA Once on the log-in page, you will see two options. The AOTC allows people to take a student tax credit of up to $2,500 for tuition, fees, and course materials they paid for during the taxable year for an undergraduate education. by TurboTax• Updated 6 months ago. A qualifying dependent cannot provide more than half of their own annual support. The FAFSA will ask you to verify household size and the rules for who is in your household are far different than the tax rules used by the IRS to determine a dependent for tax purposes. Get VA Form 21P-509 to download. If the taxable amount was not reported on Form W-2, also enter. If the student will be filing a tax return and: If no one can claim your daughter as a dependent, she'll have to file a return if her gross income was at least: Single: $10,300 if under age 65. 3% of the net profits. If your dependent child is under age 19 (or under 24 if a full time student), he or. The age limit for college graduates is increased from 21 to 23 for a year of college. For example, your 24-year-old child might be a student who makes less than $4,400 and lives with you.
For the American Opportunity Tax Credit and the Lifetime Learning Credit, qualifying educational expenses must be claimed by the person who gets to claim the student's exemption. The IRS provides some of the best online tax information to help them accurately fill out the form when they hold more than one job. That's 100% of the first $2,000 you paid toward qualified education expenses and 25% of the next $2,000. 1 Best answer. The taxpayer must have provided more than 1/2 his support. he is a full time student under 24 for at least 5 calendar months of the year (graduating in May usually means you meet the 5 month rule) 2. why is greg gutfeld not on the five today Your earned income (from jobs) is less than 50% of your support (living expenses, including tuition expenses) Then you can only take the nonrefundable portion of the credit. The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them The child must be (a) under age 19 at the end of the year and younger than you (or your spouse, if filing jointly), (b) under age 24 at the end of the year, a full-time student. claim her as a dependent and forgo the 500 child credit, gen she would get the stimulus recovery 1,800 and life time learning credit of 1000. If the student was not a dependent, however, the student should claim the expenses. If he does qualify as a dependent, you may claim the tuition credit, regardless of how long he attended, as long as he was full time while he attended. laura in family matters Yes, a child under age 19 or a full time student under age 24 can still be claimed as a dependent regardless of the amount of income she has. Continuing education, part-time classes and graduate. Key Takeaways. A veteran or current member of the armed services. Claiming someone as a dependent begins with ensuring they meet the IRS's stringent criteria. life inside the page bath and body works 5 Steps to Claim Dependents Correctly Determine Eligibility. You both can't claim the same exemption. However, there are exceptions for some students. When it comes to studying, a reliable laptop is essential for college students When you purchase a car, the law requires you to also purchase some form of car insurance, and the auto insurance rates you pay for your policy depend on a variety of factors Are you dreaming of pursuing higher education in the United States but worried about the exorbitant tuition fees? Look no further. The self-employment tax rate is 15. If a student makes wages, they can file their own return.
Each state has different tax laws. Your parents can claim you as a dependent after the age of 18 if you continue to meet the stipulations set by the IRS. Technically, there are 10 questions, but if you are completing your FAFSA online or through the mobile app, it will only ask you questions based on the information you provided up. The tax credit is equal to 20 percent of your tuition costs and certain related expenses up to $10,000. That means you may be able to claim your 8-year-old son or teenage sister or even your grandchild as a. No. Most students receive a Form 1098-T, Tuition Statement, from their educational institution. Funding for college students can come from scholarship money and grant. Being considered an independent student is not merely a matter of being responsible for your own educational expenses. The student could earn a million dollars during the tax year, and the parents can still qualify to claim the student as a dependent on the parent's tax return. Individuals under the age of 26 can stay on their parents' health insurance plan even if they have health insurance available through their employer, have children, are not claimed as a tax. You would show nothing on your taxes. My son made $8346. Even though the 1099-Q is going on the student's return, the 1098-T should go on the parent's return, so you can claim the education credit. See the following TurboTax help article for more information: Level 15. busty belle But, then the parent must forgo claiming the student as a dependent, and the $500 other dependent credit.
If I recall correctly, the form asks if your son can be claimed as a dependent on someone elses return - not if they are being claimed as a dependent. Edit: and you have the same place of abode at least half the year Yes, but. Based on a CollegeBoard report, the tuition and fees at a 4-year public university in 2018-2019 was $26,290 for out-of-state students, compared to $10,230 for in-state students. You can also claim her education expenses (on form 1098-T) even she paid the tuition. If you're not being financially supported by someone, you can file as a single, and/or claim yourself as a dependent. See the following TurboTax help article for more information: Level 15. (A college student is often a dependent of their parents, but not automatically. Someone with legal dependents other than a spouse. When claiming a dependent on taxes, can you claim someone who doesn't live with you? Learn about who you can claim as a dependent and more. If you are in the 25% tax bracket with one child, you can claim a $4,000 exemption for him. Citizen or resident. you can't claim your relative as a dependent : not a qualifying person under age 24 at the end of the year, a student, and younger than you (or your spouse if filing jointly); or (c) any age if permanently and totally disabled a junior or senior high school, a college, a university, or a technical, trade, or mechanical school The average SAI for an independent student is about 5,000, compared with an SAI of about 20,000 for a dependent student. Being considered an independent student is not merely a matter of being responsible for your own educational expenses. The child's gross income (income that's not exempt from tax) is less than $4,300. Yes, typically, you will need to pay extra premiums to include dependents in your health insurance coverage. Can I claim him as a dependent? Bottom line. The fact that your child lived away from you while in school won't disqualify him or her from being a full time student dependent. He may still be considered your dependent. If, however, you are eligible to claim your child as a dependent and don't, then only your child may claim the education credit for their qualified tuition and related expenses. Should the AOTC take your tax bill down to zero, you claim up to 40% (up to $1,000) of the remaining credit that. The IRS defines a dependent as a qualifying child (under age 19 or under 24 if a full-time student, or any age if permanently and totally disabled) or a qualifying relative. The AOTC is a type of education tax credit taxpayers can receive to help cover some of the college expenses for the first four years of a student pursuing their postsecondary education. The IRS is strict on this. polk county schools fl salary schedule A re my parents required to claim me as dependent? A They are not required to. As of the end of the tax year, the child is under 19 if he is not a student, or under 24 if he is a full-time college student; The child did not pay for more than half of their living expenses during the tax year; In some cases, you may be eligible to file as Head of Household even if you are unable to claim your child as a dependent Gross income includes all taxable income before accounting for any deductions.
If I recall correctly, the form asks if your son can be claimed as a dependent on someone elses return - not if they are being claimed as a dependent. It is not refundable, but it can still reduce the amount of federal. No. **Say "Thanks" by clicking the thumb icon in a post. To be able to claim education credit, the student in question must be a dependent claimed as an exemption on your tax return. Your limit is prorated if your MAGI falls within the phase-out rangefor example, $70,000 to $85,000 if youre single. They paid all the bills, they get the credit. 5 million college students, older adults,. Applying for school can be a frustrating and painful process if your parents refuse to pay for college. Claim 2018 College Student Deductions. Earned income tax credit Juan's parents can claim the entire $4,000 education expenses toward the AOC. Keep in mind that if someone claims the student as a dependent, that person (not the student) gets the education credit, regardless of who actually paid the expenses. If you won't claim them as a tax dependent, don't include them. Go to fafsa. • Many students do odd jobs over the summer to make extra cash. If he/she was a student (under 24) for at least 5 months and lived with you for more than half the year, and did not provide more than 1/2 his own support for the whole year, you can still claim him. If you can't say "yes" to any of the above criteria, you do not qualify as an independent. Individual taxpayers with modified adjusted gross incomes (MAGIs) up to $200,000 and married taxpayers filing jointly with MAGIs up to $400,000 are eligible for the full credit. As college students, the W-4 must be. Your child must be under age 19 or, if a full-time student, under age 24, as of year end to qualify as your dependent. Relatives include: your son-in-law, daughter-in-law. You could get this tax break if you covered the cost of those qualified education expenses for a college student such as yourself, one of your dependents (as long as no one else claims the dependent on their taxes) or your spouse. A child or other relative who is claimed as a dependent by one taxpayer can’t be claimed as a dependent by any other taxpayer in the same tax year, says the Internal Revenue Servic. The Lifetime Learning tax credit covers up to $2,000 of undergraduate and graduate school costs.