Hope Scholarship & Lifetime Learning Tax Credit

The Hope Scholarship and Lifetime Learning Tax Credit took effect in 1998 and were designed to help taxpayers reduce the cost of tuition and fees paid for higher education.

The Hope Scholarship Credit

This scholarship provides credit up to $1500 for a student who was matriculated and enrolled at least half time in one of the first two years of post-secondary education.

Lifetime Learning Tax Credit

This tax credit provides a credit of up to $1000 per year for all qualified students, including graduate and continuing education students.

Who qualifies for these credits?

If you file a federal income tax return and claim yourself as a deduction and your income is below the cutoff, you may qualify. If your parents, (or guardian), claim you on their tax return, they may qualify. Taxpayers earning more than $50,000 of modified adjusted gross income and married or taxpayers filing jointly with more than $100,000 of modified adjusted gross income are not eligible. Medgar Evers College cannot determine if you are eligible. You should consult a tax advisor or obtain IRS publication 970 and Form 8863 to review the eligibility criteria.

What if Financial Aid paid some of my tuition?

Tuition and fees covered by grants, scholarships or waivers do not count when claiming tax credits. Only those expenses paid by student loans or your own resources (or your parents own resources) may be included. Box number 1 on Form 1098-T contains the amount of qualified tuition and fees you paid during a particular year. If you made a late payment for a prior eligible term or a prepayment for next semester tuition and fees, that payment is also included in Box number 1. Box number 2 reports the amount of grants, scholarships and waivers you received which offset the previous tax year tuition and fees.

What if I have questions about the information reported on the 1098-T?

The staff in the Bursar's Office will assist you with any questions you may have about the information reported on the 1098-T. Bursar's office is located in Room S-308, of the School of Business and Student Service Building (Telephone 718.270.6091).

Where can I get more information?

You can call the IRS at 1-800-TAX-FORM and request Publication 970 and Form 8863. You may also wish to consult a tax advisor.

For more information about the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit, visit these web sites:
The Internal Revenue Service
The U.S. Department of Education

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