Tax Credits
Hope Scholarship & Lifetime Learning Tax Credits
You or your parents may be eligible for up to a $1,500 tax credit through the Hope Scholarship Tax Credit or up to $1,000 through the Lifetime Learning Tax Credit. While these tax credits are not financial aid grants, they are intended to help you pay for your education expenses. If the modified adjusted gross income is equal to or less than $50,000 (single filer) or equal to or less than $100,000 (married and filing a joint return), you may qualify for these credits.
For more information:
Student Loan Interest Deduction
If you have taken loans to pay the cost of attending an eligible educational institution for yourself, your spouse, or your dependent children you may be able to deduct interest paid on these loans from your taxable income. The deduction is available only for interest payments made during the first 60 months in which interest payments are required on the loan. For more information, visit the IRS website.
Important 2010 Income Tax Information
Coles County is a federally designated Midwest Disaster Relief Area (MDRA). Eastern Illinois University is an eligible educational institution. If submitting the 1040 with itemized deductions, or the 1040A with standard deductions, there may be benefits to including either Form 8917 (Tuition and Fees Deduction) or Form 8863 (Education Credits) for each student attending EIU. The expanded definition of qualified expenses for students in an MDRA includes the greater of what you actually spend on room and board in college operated student housing, or what the school designates as reasonable room and board cost. For room and board at EIU, we designated $8,331 ($4,039 SP10 and $4,292 FA10). We encourage students and/or their parents to read IRS Publication 970, and/or contact a tax professional.
