D16 is going to transfer schools from her LAC to state flagship. We will be full-pay; didnt apply in time for merit scholarships.
We’ve researched transfer credits and such. it looks like there are some semesters where she would need to only take 10 hours to complete her (progressive) degree. We are of course looking to cut-expenses; that’s why she’d be part-time and not add extra classes that would be filler and not -needed.
so wondering about being a part-time student. Are there any drawbacks?
Does she need to be full-time for the AOTC credit? for full amount of the student loan? for scholarships her department might offer in the future?
i know that we’ve filled out forms before about her being a full-time student. What all will being part-time affect?
The main drawback of going part-time is that it takes longer to get your degree. If you receive a pell grant, they will reduce your pell grant depending on whether you go half-time or three quarters time. However, student loans will let you borrow the full amount regardless of whether you go full-time or part-time. Many scholarships require students to attend part-time, but I would think that it would all depend on the scholarship. I haven’t really looked into scholarships to be honest.
The AOTC can only be claimed in four tax years. So remember that when decidine how to balance her courseload and when to claim the AOTC.
If the Tuition and Fees Deduction and/or Lifetime Learning Credit aren’t eliminated for a tax year in which you don’t claim the AOTC, you can use one of those. https://www.irs.gov/publications/p970