NASFAA Adds Tuition and Fees Tax Deduction Guide to Web Resources

At the request of several Members, NASFAA has added a new section on Understanding the Tuition and Fees Tax Deduction to its guidance on the Hope Scholarship and Lifetime Learning tax credits. The resulting publication, now called the Parent and Student Guide to Federal Tax Benefits for Tuition and Fees, also includes updated information on the Hope and Lifetime Learning credits. The Guide is available in HTML and PDF versions.

NASFAA hopes this information is useful for the students and families you serve, as well as high school counselors, and we encourage you to reprint, distribute, and link to this document (the PDF version is best if you want to distribute a print version). The document does not require a password to read in order to make it accessible for parents and students. Should you decide to post this document on your school's Web site, rather than providing a link to NASFAA's site, please watch Today's News for information on the posting of new versions of the Guide (usually once a year) so you can always have the most current Guide available on your site.

Please note that these documents are intended to provide general guidance only. IRS rules and policy decisions are among the few that rival student aid rules and regulation in their complexity and nuances. We therefore advise individuals with questions about tax credits or deductions to seek this information directly from IRS or financial advisor. Links to several applicable IRS publications are included in the final section of the Guide.

When reproducing all or part of the Parent and Student Guide to Federal Tax Benefits for Tuition and Fees, please retain the credit information in the document.

The following links take you to the two full versions of the Guide or directly to the Guide's component sections.