What is an Adult Degree Completion Program?

The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for the first four years of college. 

To be eligible for AOTC, you must be attending an accredited institution, be enrolled at least half the time for the academic period, and not have finished your degree at the beginning of the tax year. Read the full list of requirements.

You can receive up to $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.

There are tax implications to consider when filing for the AOTC, which include various tax forms and strict eligibility requirements. Consider working with a qualified accountant to make sure you are considering all options.

The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in undergraduate, graduate, and professional degree programs.

To be eligible, you must have paid qualified education expenses for college, be enrolled in an accredited program, and be listed on your tax return.

Am I Eligible to Claim an Education Credit?

One of the best things about the Lifetime Learning Credit is that there is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

Like with the AOTC, there are tax implications to consider when claiming this credit. Read the eligibility requirements thoroughly and work with an experienced accountant.

If you served or are currently serving in the Armed Forces, you may be eligible for scholarships, grants, and other forms of military financial aid. You can read more about them in our blog, Military Scholarships, Grants, and Financial Aid for Veterans and Active Service Members.

One way that schools grant credit for prior experiences is called Credit for Prior Learning (CPL). Through this assessment system, universities can offer college credit for past work experience, military service, or academic programs. It’s a process that takes some work and communication between you and your university, but the payoff of spending less time in school and less money on tuition can be worth it.

Here are the four main ways you can earn CPL:

1. College Credit for Military Service
2. Standardized Exams
3. Challenge Examinations
4. Portfolio Assessments

For the full run-down on CPL, from helpful explanations to the steps to earning CPL at Southern, download the CPL Toolkit.

There are a lot of financial aid and tuition assistance programs available and we’ve only touched on a few of them. It can be time-consuming to do the research and to keep track of all of the eligibility requirements and deadlines.

That’s why we recommend working with an admissions counselor from your program of interest. It’s the best way to understand your unique situation and to get a sense of which financial aid programs you are most likely to qualify for—many of which you may not even have been aware of.

We invite you to connect with the director of Southern’s Adult Degree Completion program. Our flexible programs have been designed for working adults like you who want to finish school without putting their lives on hold.