Tax Credits

Both the HOPE scholarship and the Lifetime Learning Credits are ways to save money when you file your tax returns. The HOPE scholarship isn't a scholarship in the true sense of the word, but rather a tax credit which is available to eligible students in their first two years of post secondary (after high school).

The Lifetime Learning Credit is for college juniors, seniors, graduate students and working Americans pursuing lifelong learning to upgrade their skills.

Once you have completed all of your education, the interest that you pay on any student loans for undergraduate and/or graduate studies can be used for a maximum deduction of $2,500. You need to be mindful of time limits that dictate your eligibility.