The Taxpayer Relief Act of 1997 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, we encourage you to view information offered by the Iowa College Student Aid Commission and the Internal Revenue Service(http://www.irs.gov/).