The Tax Relief Act of 1997 (TRA 97) provides an excellent opportunity for many of our students to receive significant tax savings. You may be eligible for the Lifetime Learning Credit and/or the Student Loan Interest Deduction. The Lifetime Learning Tax Credit enables eligible students to claim a tax credit for up to 20% of the first $5000 of qualified tuition and educational expenses. The Student Loan Interest Savings provides a tax credit of up to $1000 of eligible student loan interest.
The Student Accounts Office annually provides a 1098-T Tuition Statement reflecting those qualified tuition and educational expenses for the prior year. For specific tax advice or more information, please contact your tax advisor or the Internal Revenue Service.