Taxpayers who pay registration/tuition and other fees for attending college on a half-time basis or more may be eligible to claim a non-refundable Hope Scholarship Tax Credit against their federal income tax.
This credit is designed to offset tuition costs incurred during the first two years of college and is available only for tuition and required fees paid. Financial aid awards including Pell grants, SEOG and institutional waivers, grants, scholarships and other forms of tax-free educational assistance may reduce the credit. The maximum credit is $1500 per student.
For more information please visit the IRS Hope & Lifetime Learning Educational Credits FAQs.![]()