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Home Page > Admissions > Financial Aid > Financial Aid-Other > Financial Aid FAQs > Hope and Lifetime Learning Tax Credits
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The Hope and Lifetime Learning Tax Credits
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| The following information on the Hope and Lifetime Learning Tax Credits is for informational purposes only. Please seek professional advice from the IRS and tax professionals if necessary.
The Taxpayer Relief Act of 1997 provides the Hope Tax Credit and the Lifetime Learning Tax Credit, which are subtracted from your or your family's federal income tax liability limiting the expenses of qualifying taxpayers, the taxpayer's spouse, or dependents of the taxpayer.
To qualify for the Hope Tax Credit, a student must be either a freshman or sophomore student enrolled (at least half-time) for at least one academic semester during the year for the qualified tuition and fee expenses. The taxpayer, if eligible, may claim up to $1,500 to reduce federal tax liability.
The Lifetime Learning Credit allows taxpayers to claim up to 20% of $5,000 qualified tuition and fee expenses for eligible post-secondary students.
For more information regarding both the Lifetime Learning Tax Credit or the Hope Tax Credit, see IRS publication 970 ,"Tax Benefits for Higher Education." In order to claim either credit, the taxpayer will need to complete IRS form 8863, "Education Credits, Hope and Lifetime Credits", and file it with his or her income tax form.
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