To help determine if you are eligible for education tax credits or deductions, please visit the IRS's Interactive Tax Assistant.
A taxpayer is permitted to take only one of the credits - either Hope or Lifetime Learning - per dependent student per year.
||Lifetime Learning Credit
|Student must be a freshman or sophomore in college.
||Student can be in any year of school and/or taking courses to acquire or improve job skills.
|Student must be pursuing an undergraduate degree or other recognized education credential.
||Student does not need to be pursuing a degree or other recognized education credential.
|Student must be enrolled in a recognized educational credential program or in a program that leads to a degree or certificate at least half-time for one academic period that begins during the tax year.
||Student does not have to be enrolled at least half-time. The credit is available for one or more courses.
|Student has not been convicted of any felony for possessing or distributing a controlled substance.
||Felony drug conviction rule does not apply.
Student Loan Interest Deduction
A tax deduction for student loan interest may be available to you if you paid interest on qualifying student loans during the tax year.
We encourage you to consult a tax professional to determine if you qualify. Please also see IRS Publication 970 for more information or call the IRS at 1-800-829-1040 (TTY 1-800-829-4059).