To help offset tuition costs, the government allows you to take advantage of tax credits, which reduce the overall amount of your income tax. These are the American Opportunity Credit, which allows you to claim up to $2,500 per year for the first four years of college, and the Lifetime Learning Credit, which lets you claim up to $2,000 per year for tuition and fees as well as any books, equipment, and other supplies.
The above information is intended solely for general use. While every attempt has been made to ensure its accuracy, Frank makes no representations or warranties as to the validity or completeness of any information. Frank will not be responsible for any errors or omissions in this information, or for any losses or damages arising from its use. Please seek the assistance of a professional who knows your particular situation for personal financial advice.
We are not affiliated with the U.S. Department of Education. Federal Student Aid (FSA), an office of the U.S. Department of Education, makes the Free Application for Federal Student Aid (FAFSA®) form and assistance available to the public for free at fafsa.gov.