Higher Education Tax Benefits

Higher Education Tax Benefits

To help determine if you are eligible for education tax credits or deductions, please visit the IRS's Interactive Tax Assistant.

Tax Credits

A taxpayer is permitted to take only one of the credits - either Hope or Lifetime Learning - per dependent student per year.

Hope Credit 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.

Tax Deduction

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 (TTY ).