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Old 02-08-2018, 12:07 PM   #1 (permalink)
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Join Date: Apr 2016
Location: Houston, TX

I am a scummy schemer.

So I found out I messed up a little bit in my scheme. I'm working full-time and going to school part-time.
Of course I'd try to get as much money out of going back to school as possible.

I qualify for a grant ~$1.5k.
I qualify up to $2.5k for the American Opportunity Credit.
I get up to $4k tuition reimbursement from work.

Instead of just double-dipping, I'm trying to triple-dip.

If I pay for school out of pocket, any leftover grant goes back into my pocket.
If I pay for school out of pocket, I get a 1098t stating how much I spent out of pocket.
The grant will be counted as "wages" and I can use the 1098t to claim the AOC and tuition reimbursement, which will also be counted as "wages".

So lets just simplify and say my income bracket is 15% and I will spend exactly $2.5k on school this year.

Use Grant & Pay rest out of pocket
+$1.5 Grant @$1.5x1
+$1.0 AOC @$1.0x1
+$0.85 Work @$1.0x0.85
-$2.5 Tuition
=$0.85 Total

Pay out of Pocket & Tax Grant
+$1.275 Grant @$1.5x0.85
+$2.5 AOC @$2.5x1
+$2.1 Work @$2.5x0.85
- $2.5 Tuition
=$3.375 Total

So I could get an extra $2525 for triple dipping. But here's where I messed up.
I'm paying for school in installments and $500 of the grant money kicked in yesterday before I could finish paying for the semester out of pocket.

+$0.5 Grant @$0.5x1
+$0.85 Grant @$1.x0.85
+$2.0 AOC @$2.0x1
+$1.9 Work @$2.0x0.85
- $2.5 Tuition
=$2.75 Total

So I just lost $625 of free monies.

-Edit formatting these tables isn't fun
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Old 02-08-2018, 12:11 PM   #2 (permalink)
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Join Date: Aug 2012
Location: Calgary, Alberta

You win some, you lose some. For some reason, my parents had recommended I spread my student loans out across multiple lenders - National, Provincial, and bank.

If I hadn't taken out a "student" loan at the bank (it wasn't a qualifying student loan, just a regular loan), Nat/Prov debt would have been enough to qualify for up to 20,000 worth of loan forgiveness. ****.

Don't stress it.
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Old 02-08-2018, 12:49 PM   #3 (permalink)
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Join Date: Apr 2016
Location: Houston, TX

I'm not that worried. I won't need to take out a loan if I can keep working full-time.
Even then I'm working overtime to save some money and will probably only need to take out a $10k loan max if I do have to work part-time for my senior/junior year.

But still free money is free money.
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