Would you turn down $2,000 of free money? No?
Sadly, in 2009, over 1.5 million families DID turn down this free money by neglecting to take advantage of the education tax breaks that they were entitled to. As reported in The Chronicle of Higher Education, the lost savings in unclaimed education tax breaks in 2009 (the most recent year for which information is available) totaled $726 million representing an average loss of $466 per family. Over the course of a 4-year education, this average yearly loss equates to a family turning down nearly $2,000!