FINANCIAL TOOLS & CREDIT
When you're a student, it can feel like money is always tight. You've got bills, rent and tuition to pay, and you want to have enough money for fun, too. So how can you get on the right path to a great financial future while making your money count today?
There are several tools available to you to help track and manage your finances, including Mint and NerdWallet. Additionally, check out the following:
American opportunity tax credit for education
The American opportunity tax credit (AOTC) pays for qualified education expenses for an eligible student the first four years of college.
Maximum annual credit
- $2,500 per eligible student
- If the credit brings the amount of tax you owe to $0, 40% of any remaining amount of the credit (up to $1,000) can be refunded to you.
- The credit is 100% of the first $2,000 of qualified education expenses you paid for each eligible student and 25% of the next $2,000 of qualified education expenses you paid for that student.
For more information, visit the AOTC page on the IRS website.
Workforce Innovation and Opportunity Act (WIOA)
In addition to various employment services, WIOA can assist with tuition, books, fees, required supplies and other support services for training, such as transportation costs through mileage reimbursements and childcare assistance. All training programs must be in-demand occupations and on the state-approved eligible training provider list.
WIOA eligibility
A variety of criteria are used to determine eligibility for services in three main categories: Youth, adults and dislocated workers. All WIOA participants must be a U.S. citizen or authorized to work in the U.S. and registered with selective service, if you’re a male over the age of 18. Veterans receive priority for service. Complete this form to determine eligibility.
View the U.S. Department of Labor’s employment and training administration site to learn more about the Workforce Innovation and Opportunity Act (WIOA).
Available services overview
YOUTH SERVICES
Also referred to as young adults, eligible individuals aged 17-24 may receive a wide range of job assistance and training services, including:
- Job search assistance
- Comprehensive assessments
- Development of individual employment plans
- Career planning
- Job readiness training
- Skills training and career pathways for in-demand occupations (up to a maximum of two years)
- On-the-job training
- Paid work experiences and internships (with occupational and educational components)
- Pre-apprenticeships and apprenticeships
- Tutoring and study-skills training
- Support services (such as childcare, transportation assistance, etc.)
Visit WIOA’s youth services page for more information.
ADULT SERVICES
Individuals who are 18 years of age or older, who meet specific income requirements, may be eligible to receive the following services:
- Job search assistance
- Referrals to other appropriate agencies
- Comprehensive assessments
- Development of individual employment plans
- Career planning and case management
- Job readiness training
- Occupational skills training
- Skills training for in-demand occupations (up to a maximum of two years)
- On-the-job training
- Internships and apprenticeships
- Incumbent worker training
- Support services during training
Visit WIOA’s adult services page for more information.
DISLOCATED WORKERS
If you were recently laid off through no fault of your own or have received a layoff notice and are unlikely to return to your previous occupation or industry, you may be eligible for dislocated worker services.
Available services, including job search assistance and training services, can help you upgrade your current skills to get a better job or provide support as you look for other employment.
Individualized career services customized to each person’s needs may include:
- Job search assistance
- Referrals to other appropriate agencies
- Comprehensive assessments
- Development of individual employment plans
- Career planning and case management
- Job readiness training
- Occupational skills training
- Skills training for in-demand occupations (up to a maximum of two years)
- On-the-job training
- Internships and apprenticeships
- Incumbent worker training
- Support services during training
Visit WIOA’s dislocated workers page for more information.