The School Tool

If you are a mom and are considering going back to college, this may be a good time to do it. Although well paying jobs are difficult to find now because of the recent economic downturn, having a college degree is going to be very important when the economy bounces back in the next few years. Through a series of new or expanded programs, the Obama administration is making it easier for moms to complete the college degree they may have started years ago, or to get an entirely new degree.

First of all, the Federal Pell Grants are being increased for low- and middle-income college students. The maximum amount of the grant has been raised from $4050 to $5100, and may be further increased in the coming years.  If you are a low-income single mother this is probably one of the best college grants you can ever get.

Unlike conventional student loans, Pell grants do not have to be paid back. Applying for a Pell Grant requires filling out an application that contains information about your income, your family status, as well as your college plans and your previous college experience.

Also, the American Opportunity Tax Credit program has been extended. This program may give you a tax credit of up to $2500 for the first $4000 of higher education expenses. Up to $1000 of the $2500 are refundable, meaning that you may get a tax credit even if you do not owe any income taxes. This tax credit can be used not only to offset college tuition fees, but also to purchase textbooks, school supplies, and computer equipment.

It is important to realize that Federal Pell Grants and Tax Credits are also available to students who take online college classes. This may be the ideal arrangement for stay at home moms with small children. If you want to take advantage of these grants and tax credits it is important that you act now, as they have been approved for only two years.

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**Update** Did you know you can get a $10,000 scholarship for Moms just for registering? Apply right now for free: Scholarships for Moms