Tax Benefits for Higher Education

There are federal government tax benefits that help make higher education affordable, including the Hope Scholarship Tax Credit, Lifetime Learning Tax Credit, education IRA's and student loan interest deduction. You may qualify for one or more of these tax savings.

The Internal Revenue Service offers some helpful information about tax incentives for higher education expenses on their website.

For more information about tax credits and benefits, see the Internal Revenue Service's Publication 970. You can obtain a copy of Publication 970 by calling (800) 829-3676, or view and download it at www.irs.ustreas.gov.

The National Association of Student Financial Aid Administrators offers a helpful guide called NASFAA's Parent and Student Guide to Federal Tax Benefits for Tuition and Fees.