You can save $1000's by getting in state college tuition!
There is no doubt that when it comes to your student's education when deciding between in state and out of state college tuition, in state rates win out 100% of the time.
Let's explore how you can take advantage of this for your college student.
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Does In State Tuition really matter?
Yes if your student is attending a state college
Today knowledge is power and higher education is definitely big business.Problem is your student wants to attend and is accepted to the top school for their chosen field, however it is 620 miles away.
What could you really save on tuition when comparing in state and out of state rates. [the following DO NOT include cost of room and board. on average this accounts for an additional $2k-$9k per year.]
Texas A&M University
$15,675 Out of State Tuition
$7,335 In State Tuition
Savings $33,360 - $69,360 over 4 years
University of Illinois at Chicago
$22,134 Out of State Tuition
$9,744 In State Tuition
Savings $49,560 - $85,560 over 4 years
University of Massachusetts Boston
$20,658 Out of State Tuition
$8,840 In State Tuition
Savings $47,272 - $83,272 over 4 years
University of North Carolina at Chapel Hill
$20,988 Out of State Tuition
$5,340 In State Tuition
Savings $62,592 - $98,592 over 4 years
Florida State University
$17,403 Out of State Tuition
$3,355 In State Tuition
Savings $56,192 - $92,192 over 4 years
University of California: Los Angeles
$26,658 Out of State Tuition
$7,038 In State Tuition
Savings $78,480 - $114,480 over 4 years
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The easiest and most profitable way to qualify for In State Tuition.
All states have requirements based on residency to qualify students for in state tuition. The majority seem to favor 12 full months of your student living in the state BEFORE they begin college.Big problem...your student is still in high school in North Carolina and you are not moving to Florida to be a fighting gator.
So the next best thing is to be a property owner.
Most states have special circumstances that allow you to circumvent the length of domicile rules if you can show a serious intent of making that state your home.
What better way than actually buying a property in that state. As a property owner you are now paying in state taxes and are considered a resident for tuition purposes.
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5 Reasons to Own Property to Qualifty for In State Tuitions
1. Tuition savings. As you have already seen this can be substantial.2. Make tuition tax deductible. Your investment property you just purchased can now help make all your tuition expenses tax deductible. This is true for private colleges as well even though there is no difference between in state and out of state rates.
3. Deduct the cost of visiting your student. Owning investment property allows you to deduct up to $25k off your income taxes and visits to your student (property) count and every penny is deductible.
4. Additional Income. With your new investment property you can rent out to other students which will offset your tuition expenses.
5. Peace of Mind. Campus safety is a growing concern and it seems to make the news weekly. Your student would be away from campus housing and more accessible to you.
How to get started
Unfortunately the majority of real estate people are not trained much beyond driving folks around and filling out contracts.
If any of these ideas would be of benefit to you please contact me via my website here
Since I network with agents all across the United States it doesn't matter what state you want to send your student to.
Please contact me and I will put you in touch with a competent agent that is aware of how to properly structure a transaction that maximizes your benefits.
If any of these ideas would be of benefit to you please contact me via my website here
Since I network with agents all across the United States it doesn't matter what state you want to send your student to.
Please contact me and I will put you in touch with a competent agent that is aware of how to properly structure a transaction that maximizes your benefits.
Can you see the power of this real estate investment strategy?
Add your comment and get heard...
Joe Brochin
I have two sons, one of which is 13 years old so college is right around the corner. Your lens was informative and answered a few questions.
Thanks
Posted May 25, 2008
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