Tax benefits for higher education

The federal government provides tax benefits that may help offset college expenses for those who qualify. Income limitations may apply. 

American Opportunity Grant

Students must be enrolled in college at least half-time for one period of the tax year. 

Lifetime Learning Credit

There’s no limit on the number of tax years you may claim this credit. 

Student Loan Interest Deduction

You may deduct student loan interest during all periods of required repayment. You’re not required to itemize to claim the deduction.

Tuition and Fees Deduction

You may be able to deduct the cost of higher education even if you do not itemize deductions.

See www.irs.gov or talk to a tax adviser for more more details about these benefits.

Edvisors also provides an overview of education tax benefits.