Federal Financial Aid Programs
Choose a Topic below:
Tax Credits and Incentives
Lifetime Learning Credit
Lifetime Learning Credit also referred to as Education Credit is one of two credits available to help families offset the costs of higher education by reducing the amount of income tax. It is a nonrefundable credit, which means that it can reduce the family tax to zero. Click here to learn more about the benefit of this credit.
Hope Scholarship Credit
The Hope Credit also referred to as Education Credit is one of two credits available to help families offset the costs of higher education by reducing the amount of income tax. The Hope Credit allows families to claim a credit of up to $1,500 for qualified education expenses paid for each eligible student. It is a nonrefundable credit, which means that it can reduce the family tax to zero. Click here to learn more about the benefits of this credit.
Tax Incentives
Click the titles below to learn about additional tax incentives that may help families save or pay for postsecondary education. Additional information is also available at www.irs.gov/publications/p970/index.htm
Coverdell Education Savings Account (ESA)
Student Loan Interest Deduction Using IRA Withdrawals for College Costs
