
Pay the Price
That is the question…here.
I can’t answer that for you. I am thinking about it.
The student loan process is a lot simpler and easier than it was when I started my MBA some 18 years. It seems to be a lot easier to get a lot of money for school and that is very DANGEROUS. That you can get a lot of money for school doesn’t mean that you should take it. I think the best method is to pay cash…that was until I reviewed my tax returns from 2009.
This info applies to me.
I am a struggling professional (full-time) photographer with a part-time job to help pay for grad school. Think of the part-time job as putting food on the table, gas in the car, and rent while I pay for tuition and all my business costs from my business income.
Financially speaking: I am poor
I am not a CPA and I highly recommend you find and use a good one.
Now, looking at my 1040 I see that I have a tuition deduction of $4000 but I paid well over twice that amount and I don’t get credit for doing so. Why not see if I can spread the cost of tuition over a longer period of time and receive the tax credit in the future. Seems reasonable don’t you think?
This brings me to some research to determine how my future student loan payments affect my bottom line on my annual taxes. This is from the IRS:
Publication 970 (2009), Tax Benefits for Education (link here)
Paid with borrowed funds. You can claim a tuition and fees deduction for qualified education expenses paid with the proceeds of a loan. Use the expenses to figure the deduction for the year in which the expenses are paid, not the year in which the loan is repaid. Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student’s account.
Ah ha! So it seem I can reduce my adjusted gross income (AGI) with student loans but I cannot deffer the reduction to my AGI when I actually get around to paying the loan back. Hmmm…so much for cash basis accounting.
Should I take the loans? Should I increase the length of my stay at my institution?
While I have been offered over $32,000 in aid for the coming school year (2010-2011) I may only accept and use about $8,000. I’m probably going to take the direct subsidized loans for at least one semester this year. I have already spent over 4-grand on tuition so I’ll get that deduction for my 2010 taxes. This is a side benefit of why I’m taking a loan. I’m planning a major surgery in early 2011 and I won’t be able to work for about a month. Given that I’m (barely) self-employed I don’t have things like vacation time I can dip into while I’m recovering. Taking out this loan will allow me to pay for immediate tuition expenses, and conserve cash over the next few months for the time when I can’t work…seems to be reasonable financial planning.
As always (and as everyone seems to disclaim – rightfully so) consult a tax professional about your needs.
I strongly recommend that without any disclaimer!


Time to Drop a Class
February 5th, 2011I have felt during the first week of class that the instructor is not really engaging the students, certainly not me. It’s during the first week of class that the immediate bond and relationship between a student and instructor are developed. I’m not feeing good about this.
Last night after getting in from my working photo gigs I logged into class and saw a couple more posts from the instructor in my PH 699 course (Special Topics: MS: Concept & Critical Processes). You can read some of it in the previous post.
I had my bad class at AAU and I will not accept another one. Maybe the instructor is having a bad week, maybe the PH 699 course really starts to shine in a few days. If I knew another student that had taken the same course/instructor pair then I would have more data points from which to make a decision, but I have to go with my gut and my previous class experiences.
All my other courses (with that one exception) have had very engaging and motivating teachers. Each instructor has reached out to each student to make a connection. All of these classes have been A or A+ or A++ courses, and I have taken additional courses from some of these instructors because I placed higher importance on working with the person teaching the material and less importance on the subject.
I have a friend that is a great conversationalist and chef. When ever I go visit her I know I will learn something and have a great meal. I don’t define the meal I enjoy the experience.
Classes at a master’s level in art need to be an enjoyable experience. For me they also have to push me and my limits, expand my thoughts and overall enhance me and my work.
I’m not feeling it in that class.
Tamara Hubbard deserves all the kudos I can send her. She is the Associate Director of the Online Graduate Photography Program at AAU. She lead the Thesis Project Seminar class I took in the Fall of 2010.
Last night I wrote her, this morning she responded. That’s remarkable and speaks to her dedication to the program and as a great student advocate.
She recommended two classes:
and she reminded me that today is the last day to make a change without a penalty or fee.
I’ve heard a couple good things about PH611 and I do want to take the course but I don’t want to walk into an unknown. My friend Terri (who I teach workshops with in Midas, NV) has taken Shannon Ayres and has nothing but great things to say.
I called my advisor (WHAT! on a Saturday?!) and left a message, then I called back to the front desk and voilà! there are advisors working on a Saturday at AAU. That’s great!
There are not enough words to say how wonderful the director and the advisors have been in guiding me and getting me into a new class.Online courses could seem daunting as I work in my own space and feel removed from the traditional classroom and university interactions. Getting this type of support is very nice.
The take away here is I AM RESPONSIBLE for the classes I take. If I’m not satisfied then it is MY RESPONSIBILITY to effect the change.
Onward to PH 655 Digital Montage with Shannon Ayres.
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Posted in Courses, General Comments, PH 699: Concept & Critical Process
Tags: Ayres Brian Parkin class course critical processes graduate photography instructor motivating teachers MY RESPONSIBILITY photography program project seminar Shannon student Tamara Hubbard Terri thesis project Week