Tax Credits

The Hope Credit

Students may be eligible to claim a Hope Credit against their federal income taxes. The Hope Credit may be claimed for the qualified tuition and related expenses of students enrolled at least half-time in one of the first two years of postsecondary education when enrolled in a program leading to a degree, certificate or other recognized educational credential. Eligible tuition and fees are determined by the IRS and will be offset by any grants, scholarships or refunds received. The maximum credit a student may claim for a taxable year is $4,000. More information is available at the Financial Aid office or Business Services office.

Lifetime Learning Credit

Students may be eligible to claim a Lifetime Learning Credit against their federal income taxes. The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of students enrolled in eligible educational institutions. If a student is claiming a Hope Credit, none of that student's expenses for that year may be applied toward the Lifetime Learning Credit. More information is available at the Business Services office.

 

Updated March 19, 2014

 

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