Students of the University of California can expect to pay more in tuition for the upcoming semester. The Board of Regents voted 14-4 to approve a tuition increase of 9.6 percent last Thursday. That’s a spike of $1,068. The increase follows an 8 percent jump that was previously approved for the 2011-2012 school year.

“I hate that we have been forced by our state’s politicians to raise tuition, but I hate even more the possibility of letting UC slide into becoming a second-rate institution,” regent Bonnie Reiss said.

With the two recent hikes in tuition, students will pay $1,818 more than they did last year.  In-state tuition costs $12,192 a year, and averages $13,218 when other campus-related fees are configured.

Government officials cut funding by $650 million to both UC and Cal State University, and the school hopes that an increase in tuition will make up for some of the shortfall. Though, with a deficit of nearly $1 billion, the increase will only cover one quarter of the shortage.

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With alarming spikes in tuition, college students and their parents are wondering if a higher education is obtainable only to the wealthy. However, there’s hope on the horizon. Uncle Sam is lending a hand with several tax breaks that could save families thousands.

Whether you’re a college student and claiming yourself this year, or you’re a parent who has a child in school, check out these tax breaks that are sure to pick up on some of the tuition tab:

Credits:

The American Opportunity Credit is similar to 2009′s Hope Credit, but even better. The credit was created to offset the increasing costs of tuition, and it provides up to $2,500 per college student. It allows taxpayers to claim tuition and certain fees for higher education, but these expenses can only be claimed for the first four years of college. Parents can receive a credit of up to $7,500 if they claim three qualifying college students.

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Wouldn’t it be great if we didn’t have to rely on student loans to pay for tuition? With recent college grads slowly drowning in a pool of debt, many of them are probably wishing that they had another way to pay for college.

In Indiana, September is a time to save for the future, more specifically, college. Gov. Mitch Daniels declared September “College Savings Month.”

Gov. Daniels wants College Savings Month to be a time for families across the state of Indiana to look to the future and consider the importance of higher education. He also wants parents to recognize the positive influence a college education can have on their children’s future. The state is encouraging parents to look into CollegeChoice 529 Savings Plans.

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