The American Opportunity and the LifeTime Learning Credits

Scholarships and other Educational Assistance that Reduce the Amount of Qualified Tuition and Fees for the American Opportunity and Life Time Learning Credits

  • Now: Mon May 04 14:45:46 EDT 2015
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  • May 4, 2015 2:45:46 PM
  • 5-04-2015 02:45 PM
  • May 4, 2015 2:45:46 PM EDT

Scholarships Excluded from Income Under Section 117

Federal, state, and University scholarship and grant programs are excluded from income, and therefore reduce the amount of qualified tuition and fees for the American Opportunity and Life Time Learning tax credits.  Vocational rehabilitation tuition payments also reduce qualified tuition and fees.

Federal College Work Study

The tuition portion of this program is included in Section 117. The income the student has earned does NOT reduce the amount of qualified tuition and related expenses. Campus jobs not associated with financial aid do not reduce the amount of qualified tuition and related expenses.

Student Loans

Student loans do not reduce the amount of qualified tuition and expenses unless the loans are in repayment.

Veteran's/Armed Forces Educational Assistance

The following types of Veteran's benefits reduce the amount of qualified tuition and expenses:
Training and Rehabilitation for Veterans with Service Connected Disabilities (Chapter 31)
Veteran's Educational Assistance Program (VEAP) (Chapter 32)
Vietnam Era G.I. Bill (Chapter 34)
Survivor's and Dependents Educational Assistance (Chapter 35) 

Salisbury University is providing this information as a service to its students, but please keep in mind it is not an authority on taxation. Therefore, the University is not responsible for any misrepresentation of the IRS regulations. You should consult a tax advisor to determine if you qualify for the credit or for any other related questions. 

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