HOPE Credit
There is another useful tax credit for college and university students and their families known as the Hope Credit. The Hope Credit bears some similarity to the Lifetime Learning Credit but is also quite different. One of the main differences is the fact that taxpayers can claim the Hope Credit based on the same student’s expenses for no more than 2 years whereas, there is no limit on the number of years for which you can claim a Lifetime Learning Credit based on the same student’s expenses. With the Hope Credit, students in the first two years of college (or other eligible post-secondary training), will be eligible for a tax credit equal to 100% of the first $1,000 of tuition and fees and 50% of the second $1,000.
Referenced Source(s): Department of Education
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