What is the Hope Scholarship Credit?
The Hope Scholarship is a tax credit available for the first two years of college or post secondary education. Beginning in 1998, it will be offered to students or parents who pay tuition and related expenses for attendance at least half-time in a degree-granting program. Unlike a scholarship or a tax deduction, the Hope Scholarship is a tax credit, and can be subtracted directly from the total federal tax on a tax return.
As of January 1, 1998, undergraduate students in their first two years of higher education who are enrolled at least half-time may be eligible for an income tax credit of up to $1,500 (100 percent of the first $1,000 and 50% of the next $1,000) for tuition and fees paid for the first two years of post-secondary education. If the student may be claimed as a dependent, then the person providing the students financial support may be eligible to claim the credit.
• What is the Lifetime Learning Credit? • What is a 1098-T form? • What expenses qualify for these tax credits? Their website also contains a variety of links to IRS information and publications that may be very helpful to students and their families. For questions regarding 1098-Ts or to reset a PIN, students can contact Vangent at (800) 654-8341. After January 31st, students will be able to print a duplicate form from the website or request that a duplicate form be mailed to them.In order to access this Student Service area of the website, enter Wilmington University’s school code, 00794800. Once on the Student Services Login Page, for security reasons, students will need to enter: • Social Security Number • Name ID (the first two letters of your last name) • Personal Identification Number (PIN – the last four digits of your SSN, unless you have changed your PIN) Financial details of account activity are listed on the back of the original 1098-T form. Questions regarding 1098-Ts, ass
