Tax Credits

This page is a resource for The College of St. Scholastica students and their parents who may be eligible for a tax credit under the Taxpayer Relief Act of 1997 (TRA97). TRA97 created two education tax credits for students and families beginning in 1998:

• The Hope tax credit provides up to $1,800 per student for qualified tuition and related expenses for the first two years of postsecondary education. To be eligible, students must be enrolled at least half-time in a degree or certificate granting program. The Hope credit is available for expenses paid on or after January 1 of the tax year.

• The Lifetime Learning tax credit is more broadly applicable to any postsecondary education to acquire or improve job skills. It provides a credit equal to 20 percent of qualified expenses of no more than $10,000 per taxpayer (i.e., family).

Eligible higher education institutions will now be required to file information reports with the IRS, and furnish statements to taxpayers (1098-T) on all students for whom they receive tuition payments.