Did you know that the interest you pay on student loans is often tax deductible? Did you know that you can get tax credits when going to school?

You can pay less in taxes by taking advantage of these options. The best way to learn more about these topics is to type the keywords "deducting student loan interest" or "education tax credits" into your favorite search engine.

IMPORTANT POINT: To receive your deductions or credits, you need to use Tax Form 1040. The EZ form will not allow you these options.

If you are concerned about taxes, you might try using your award(s) over the course of multiple tax years (for example, half in 2013 and half in 2014).

This might help prevent you from bumping into a higher tax bracket, especially if your post-service job pays in the $30-40,000 range!

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