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.
- IRS Publication 17:35. Education Credits
- IRS Publication: Tax Benefits for Education: Information Center
- IRS Publication 970: Tax Benefits for Higher Education
- IRS Form 8863: Education Credits (American Opportunity and Lifetime Learning Credits)
- Instructions for IRS form 8863
- IRS Tax Topic 513: Education Expenses – Work—related
- Why Form 1098-T is important to you?
| 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.
- Just decided that you want to go to college, but school starts soon?
Here is your “must do” list if you want to get financial aid to help you pay for school. - Saving Early = Saving Smart Watch your Money Grow With Your Child
- Money Management Checklist for College Students
- How to Budget
- Don’t Get Scammed on Your Way to College
- Federal Student Aid and Identity Theft
- Educational and Training Vouchers for current and Former Foster Care Youth
Additional Links
IBCS does not endorse the following organizations, information is provided as a financial aid resource only.
- FinAid
This award-winning site has grown into the most comprehensive source of student financial aid information, advice and tools — on or off the web. - Arizona Community Foundations: Scholarship Opportunities
The Arizona Community Foundation allows high school seniors and current college students throughout Arizona to apply for more than 100 scholarship awards online with one general application. - Fastweb
- Scholarship Search FSA
QUICK LINKS