Office of Financial Aid

Tax Credits

Hope Scholarship & Lifetime Learning Tax Credits

You or your parents may be eligible for a tax credit through the Hope Scholarship Tax Credit or the Lifetime Learning Tax Credit. While these are not financial aid awards, they are intended to help you pay for your education expenses. Visit these links for more information on the credits and whether you qualify:

The OSFA staff are not tax experts and cannot provide tax advice. For specific questions about these tax credits, please consult a tax expert.

1098T

IRS Form 1098-T is used to determine eligibility for these tax credits. University Student Financial Services and Cashier Operations (USFSCO) produces and distributes these forms each year. Visit their website to learn about this process.

Student Loan Interest Deduction

If you have taken loans to pay the cost of attending an eligible educational institution for yourself, your spouse, or your dependent children, you may be able to deduct interest paid on these loans from your taxable income. The deduction is available only for interest payments made during the first 60 months in which interest payments are required on the loan. For more information, visit the IRS website.