What is the Hope Scholarship Tax Credit, and am I eligible to claim it?

  • The Taxpayer Relief Act of 1997 contains a tax benefit for tuition paid by qualified students for the calendar year 1998 and future years. The programs involved are the Hope Scholarship Credit, the Lifetime Learning Credit, Education Loan interest deduction and the Educational IRA.
  • The University Billing Office is responsible for reporting payments applied towards tuition or fee charges during the course of each tax year, as well as financial aid applied towards any tuition or fee charges. Students will receive the 1098-T form at their current residing address. In addition to this form, the University Billing Office also suggests that you retain U-bills reflecting tuition paid.
  • If you have questions regarding eligibility for the tax credits, we suggest you contact your tax advisor. Additional information regarding these credits is also available at: http://www.irs.gov/uac/American-Opportunity-Tax-Credit, or at IRS Publication 970 (Tax Benefits for Higher Education).
  • Hope and Lifetime Learning 1098T Information is now available on MyUI. Simply login, select the Financial Aid & Billing link, and then the Hope 1098-T Tax Information link. You will be prompted to login with your HawkID and password.
  • The American Opportunity Credit provides an increased amount of Hope Tax and Lifetime Learning credit for tax years 2009 and 2010. Please contact you tax advisor to determine which is more beneficial for you when compared to the increase for the Midwest Disaster Area taxpayers described above. You may also get additional information at www.irs.gov/newsroom/article/0,,id=213044,00.html.