NASFAA Updates "Parent and Student Guide to Federal Tax Benefits for Tuition and Fees" for Tax Year 2003

NASFAA has updated for tax year 2005 its Parent and Student Guide to Federal Tax Benefits for Tuition and Fees. The Guide includes information the Hope Scholarship and Lifetime Learning tax credits, provides guidance on understanding the tuition and fees tax deduction, and gives links to IRS publications that address these topics. 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 document does not require a password in order to make it accessible for parents and students. If you want to offer parents and students a link to the Guide, please use the URL http://www.studentaid.org/TaxBenefitsPSIntro.html (this link omits the top banner and sidebar information from the Member Web site). If you posted the previous Guide on your Web site, now is the time to change it or, better yet, create a link to the URL above (since the URL does not change each year, this assures you that visitors to your site always have access to the current version of the Guide.

Please note that this document is 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 the IRS or a financial advisor. Links to several applicable IRS resources 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 NASFAA copyright information in the document.

The following links take you to the two full versions of the Guide.