Lifetime Learning Tax Credit Scholarship

The Lifetime Learning Tax Credit scholarships work just like the Hope Scholarship but in Lifetime Learning Tax Credit, it does not matter whether it is your first time to get a college degree or you are an adult who are taking a continuing education because with this type of tax credit, there is no set limit on how many years eligible students can claim their tax deduction as long as they are taking at least one course.

Lifetime Learning Credit gives you a credit of 20% per year which can reach as much as $2,000 per return if you pay $10,000 of qualified educational expenses. This credit is family-based and not based on the number of dependents in a family as with the Hope credit. More readings about the benefits and qualification requirements of Lifetime Learning can be read at Internal Revenue Service.

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