Hope Scholarship Credit
The Hope Scholarship is based on a student’s college tuition and fee charge, minus grants, scholarships, and other tax-free educational assistance. Beginning January 1, 1998 taxpayers may be eligible to claim a nonrefundable Hope Scholarship Credit against their federal income taxes. For more information, instructions and how to calculate and claim the credit refer to your federal tax forms.
Lifetime Learning Credit
The Lifetime Learning Credit is based on "out of pocket" expenses, income limitations, This credit is available for any level of postsecondary study up to a current maximum of $1,000. This credit is not available to single filers with adjusted gross incomes greater than $50,000 or joint filers with adjusted gross incomes greater than $100,000. Unlike the Hope Credit, the Lifetime Learning Credit is calculated on a per family basis, rather than a per student basis. For more information, instructions and how to calculate and claim the credit refer to your federal tax forms.