Homepage > Offices & Services > Business Office > Student Accounts > Tax Credits
Hope Scholarship & Lifetime Learning 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 $1,500 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.
Please review the attached links for more detailed information concerning these tax credits.
The College of St. Scholastica does not provide personal tax advice. To determine your eligibility for a higher education tax credit, please contact the IRS or your personal tax advisor.
|
