Hope Scholarship and Lifetime Learning Credit

Hope Scholarship

The Hope Scholarship is a federal income tax credit program. Eligible students (must have been enrolled at least half-time in a degree program) may be able to claim a Hope credit of up to $1500 for qualified educational expenses. This credit is available for the first two years of a college education. Single filers who have a modified adjusted gross income of $53,000 or more (joint filers with a modified adjusted gross income of $107,000) are phased out of this credit.

Students and parents with questions about these tax credits should consult their income tax accountant or in the Internal Revenue Service (IRS) Publication 970.