Education Tax Credits

The Taxpayer Relief Act of 1977 enacted the HOPE and Life Long Learning Tuition Tax Credits, tax free status for distributions from private prepaid tuition plans, penalty-free distributions from retirement funds for education, and a tax deduction for interest on educational loans. Credits are available for educational expenses paid by the parent for student. Because the specifics on each of the programs vary according to individual circumstances, we encourage you to discuss this with your tax consultant.

For more information on these programs,read the Parent and Student Guide to Federal Tax Benefits for Tuition and Fees published by the National Association of Financial Aid Administrators (NASFAA).