What are Education Tax Credits?
Taxpayers can claim one (and in some cases, two) new tax credits for qualified tuition and fees they paid for post-secondary education for themselves and their dependent children. The Hope Credit is available on a per student basis for the first two years of post-secondary education, while the Lifetime Learning Credit applies on a tax return basis and covers a broader time frame and range of education courses. Education expenses paid with tax-free grants, scholarships, and employer education assistance are not eligible for either tax credit. Education expenses paid with loans are eligible.
