The Taxpayer Relief Act of 1997 provides tax benefits to students and their families. If qualified, the taxpayer claims a tax credit of his or her federal income tax form for tuition paid or for payment of student loan interest.

Students enrolled at least half time in one of the first two years of post-secondary education are eligible for a tax credit up to $1650 through The Hope Scholarship. The Lifetime Learning Credit is a maximum of $2,000 per year for a student taking courses. This credit can be claimed for as long as the student is enrolled in an eligible institution. Taxpayer must also meet qualifying income limits.

For more information, contact your tax preparer, the Internal Revenue Service, or the National Association of Student Financial Aid Administrators.

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