Scholarship Advice

The HOPE Scholarship is a type of tax credit scholarship that can be filed against federal income taxes. The HOPE Credit can only be claimed for a maximum of 2 years per qualified student who is enrolled on at least a half-time basis for any portion of the applicable tax year. Students can get as much as $1,500 HOPE Scholarship that is equivalent to 100% of the first $1,000 of tuition and fees and 50% of the second $1,000.

The credit will be available on a per-student basis for net tuition and fees paid for college enrolment. However, taxpayers cannot claim for a tax credit if their Modified Adjusted Gross Income (MAGI) is $53,000 or more for a single taxpayer and $107,000 or more for married taxpayers. Also, students will not be eligible to take the HOPE credit unless they are pursuing a certificate degree or an undergraduate degree.

You can read the details and availment of HOPE tax credit here.

This entry was posted on Thursday, November 30th, 2006 at 12:39 pm and is filed under Government/Federal Scholarships, Scholarship Program. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.