The Taxpayer Relief Act of 1997 created two non-refundable education tax credits, entitled the Hope Scholarship Credit and the Lifetime Learning Credit. A non-refundable tax credit allows a taxpayer to subtract from the total amount of taxes owed the value of the credit for which the individual is eligible. “Non-refundable” means that the individual must owe taxes in order to get the value of the credit.
Individuals must meet specific income and enrollment guidelines to be eligible. Students should consult the Taxpayer Relief Act of 1997 or the Internal Revenue Service for details.Financial Aid › Federal Tax Credits for Educational Expenses