Other Financial Information

Income Tax Credits

The tax details presented are intended for basic information only and are not tax advice. Please consult your professional tax representative and/or reference the following IRS websites for complete text of various educational related IRS publications.

Tax Credit Qualified Education *Other Conditions Benefits Annual Limit
American Opportunity Credit (a modification of the Hope Credit) 1st four years undergraduate (postsecondary) Must be enrolled at least half-time in degree program 40% of credit may be refundable (limit $1,000) Up to $2,500 Credit per eligible student
Lifetime Learning Credit Undergraduate and Graduate No other enrollment conditions Credits can reduce amount of tax you must pay $2,000 Credit per tax return
Student Loan Interest Deduction Undergraduate and Graduate Must have been at least half-time student in degree program Can deduct interest paid $2,500 Deduction

Helpful Resources for Students and Parents

The following are resources you may want to check out.

Additional Links

IBCS does not endorse the following organizations, information is provided as a financial aid resource only.