"...The IRS offers two federal income tax credits (dollarfor-dollar reductions in tax liability) for higher education expenses.
—The Hope tax credit, worth up to $1,500 per student, is available for first- and second-year students enrolled at least half time.*
—The Lifetime Learning tax credit is a tax benefit equal to 20 percent of a family’s tuition expenses, up to $10,000. The credit can be used for virtually
any postsecondary education and training, including graduate and professional schools and even for less-than-half-time* study. For more information on the Hope and Lifetime Learning tax credits, and other tax benefits for postsecondary students, go to www.irs.gov.