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Hope Scholarship

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The Hope Scholarship Tax Credit and Lifetime Learning Tax Credit may provide you with significant tax savings when filing your federal income tax return. These tax credits are based on payments made for tuition and certain qualified education-related fees. To be claimed on your tax return, expenses must have been paid during the calendar year for which you are filing taxes.

The Academy of Art University will provide information for your use in preparing your federal income tax return, however we cannot provide tax advice. You should consult your tax advisor and/or obtain IRS Publication 970 for detailed information on this tax credit.

Additional information relative to both the Hope Scholarship and The Lifetime Learning Tax Credits

The Hope Scholarship Tax Credit The Lifetime Learning Tax Credit
  • Applies to the first 2 years of postsecondary education
  • Applies to students enrolled at least halftime for at least one calendar year
  • Equals 100% of the first $1,000 paid toward qualified expenses and 50% of the second $1,000 of qualified expenses
  • Applies to all postsecondary and graduate education
  • Can be claimed for an unlimited number of years
  • Applies to students enrolled for any number of hours
  • Equals 20% of the first $10,000 paid toward qualified expenses through the year 2005 and 20% of first $10,000 of qualified expenses after 2005

The following is a partial list of provisions that apply to both credits:

  • Qualified expenses include tuition and course-related fees
  • The regulations exclude books, room and board, insurance, activity fees, and other fees not related to an academic course of instruction.
  • Certain financial awards, particularly those that do not need to be repaid, will reduce qualified expenses: including Pell Grants and other tax-free scholarships and grants.
  • Only the student to the taxpayer who claims the student as a tax exemption on their tax return can claim the credit.
  • Married taxpayers must file jointly to be eligible for the credit.
  • Loan proceeds flowing through the student's account are considered qualified payments.
  • The credit is proportionately reduced for taxpayers above certain adjusted gross income (AGI) levels.

Sources of additional information:

Your Next Step

Please consult the Academy of Art University 1098-T Hotline at (415) 618-6156  for help with your questions.