Since tuition fee increases yearly, it’s high time for parents learn about all their options in how to save money on their kid’s tuition.    

Found this great article from TheStreet on how to save money on your kid’s tuition. It discussed these tax tips to help one’s money-saving endeavor:

529 College Savings Plan

529 plan is a state-sponsored, tax-advantaged savings plan that can help families and individuals save for higher education expenses.

Hope, Lifetime Learning Credits

This is a tax credit for college students in their first two years of post-secondary education, such as college or vocational school. The maximum credit is $1,650 on the first $2,200 of tuition and fees.

Tuition and Fees Deduction

The tuition and fees deduction can make one deduct a max of $4,000 of the tuition bill paid for any post-secondary school.

[image from rosieandlucy]