Hope Credit Details

The Hope Credit provides a tax credit of up to $1,800 ($3,600 if a student in a Midwestern disaster area) per year to offset your educational expenses. The Hope Credit is available for a maximum of two years total and applies to the first two years of post- secondary education ONLY.

Exception. Any academic credit awarded solely on the basis of the student's performance on proficiency examinations is disregarded in determining whether the student has completed 2 years of postsecondary education.

A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. The Hope Credit is a nonrefundable credit. This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you.

What Sort of Studies Qualify?

To claim the Hope Credit students must be enrolled at least half time for at least one academic period beginning during the year, and be pursuing an undergraduate degree or other recognized education credential. Unlike the Lifetime Learning Credit, students who possess a felony drug conviction are disqualified from taking the Hope Credit on their tax return.

Who Can Claim the Credit

Generally, you can claim the lifetime learning credit if all three of the following requirements are met.

• You pay qualified education expenses of higher education.
• You pay the education expenses for an eligible student.
• The eligible student is either yourself, your spouse, or a dependent for whom you claim an exemption on your tax return.

Who Is an Eligible Student?

An eligible student must meet all of the following requirements:

• The student did not have expenses that were used to figure a Hope credit in any 2 earlier tax years.
• The student had not completed the first 2 years of postsecondary education before 2008.
• For at least one academic period beginning in 2008, the student was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential.
• The student has not been convicted of any federal or state felony for possessing or distributing a controlled substance as of the end of 2008.

Who Cannot Claim the Credit

You cannot claim the lifetime learning credit for 2008 if any of the following apply.

• Your filing status is married filing separately.
• You are listed as a dependent in the Exemptions section on another person's tax return (such as your parents').
• Your modified adjusted gross income (MAGI) is $58,000 or more ($116,000 or more in the case of a joint return).
• You (or your spouse) were a nonresident alien for any part of 2008 and the nonresident alien did not elect to be treated as a resident alien for tax purposes.
• You claim the Hope Credit or a tuition and fees deduction for the same student in 2008.

What Expenses Qualify

The Hope Credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Generally, the credit is allowed for qualified education expenses paid in 2008 for an academic period beginning in 2008 or in the first 3 months of 2009. For example, if you paid $1,500 in December 2008 for qualified tuition for the Spring 2009 semester beginning in January 2009, you may be able to use that $1,500 in figuring your 2008 credit.

Academic period

An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period.

Paid with borrowed funds

You can claim a Hope Credit for qualified education expenses paid with the proceeds of a loan. You use the expenses to figure the lifetime learning credit for the year in which the expenses are paid, not the year in which the loan is repaid. Treat loan payments sent directly to the educational institution as paid on the date the institution credits the student's account.

Student withdraws from class(es)

You can claim a Hope Credit for qualified education expenses not refunded when a student withdraws.

Qualified Education Expenses

For purposes of the Hope Credit, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.

Eligible educational institution

An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.

Adjustments to Qualified Education Expenses

If you pay qualified education expenses with certain tax-free funds, you cannot claim a credit for those amounts. You must reduce the qualified education expenses by the amount of any tax-free educational assistance and refund(s) you received. These tax free funds include Pell Grants, the tax-free part of scholarships and fellowships, Veterans' educational assistance, and employer-provided educational assistance.

Claiming the Credit

You claim the Hope credit by completing Parts I and III of IRS Form 8863 and submitting it with your Form 1040 or 1040A when you file your Federal Income Tax return.

(Source of information: IRS publications. Information provided is educational in nature and not intended to advise you of your individual eligibility or to constitute tax advise. Please consult your financial advisor, tax advisor, or the IRS directly to get up-to-date information and determine your eligibility.)

Walden University

Online

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Programs:

• B.S. in Nursing (BSN)
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Roseman University

Online

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Programs:

• Accelerated BSN

University of Phoenix

Campus

As the largest private university in North America, University of Phoenix has more than 200 locations, and is available online in most countries around the world. Whether you're seeking a college degree at an associate's, bachelor's, master's, or doctoral level, we can help you reach your academic goal—and sooner than you might think.

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San Jose
Costa Mesa
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Pasadena
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Lancaster
Roseville
Murrieta
Lathrop
Fresno
Diamond Bar
Fairfield
Sacramento
Gardena
Online
Livermore
Elk Grove
Rancho Cordova
Salida
Ontario
Bakersfield
San Francisco
Oakland
Palm Desert

The College Network

Online

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Campus

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Fort Lauderdale

Independence University

Campus

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Programs:

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Campus Locations:

Salt Lake City

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Campus

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Programs:

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Campus Locations:

Fort Lauderdale

Keiser University

Campus

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Programs:

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Campus Locations:

Fort Lauderdale

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Campus

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San Diego
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Chula Vista
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Programs:

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Anaheim
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Western Governors University

Campus

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San Francisco

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Campus

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Programs:

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Campus Locations:

San Diego
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Campus

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Programs:

• AS in Registered Nursing
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Campus Locations:

Antioch
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Emeryville
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Campus

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Programs:

• Bachelor of Science in Nursing
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Campus Locations:

Ontario
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Career Colleges of America

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Programs:

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Campus Locations:

San Bernardino
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Santa Barbara Business College

Campus

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SBBCollege is accredited by the Accrediting Council for Independent Colleges and Schools. For information on graduation rates, median debt of graduates who completed these programs and other important information, visit http://www.sbbcollege.edu/consumerinformation/disclosures.php. SBBCollege offers financial aid to those who qualify.

Programs:

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Campus Locations:

Santa Maria
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Online

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Programs:

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Campus

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Programs:

• Master of Science in Nursing
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Campus Locations:

Addison

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Campus

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Campus Locations:

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Campus

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Programs:

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Campus Locations:

Fairfield
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Charter College

Campus

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• Diploma - Vocational Nursing
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Campus Locations:

Canyon Country
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Institute of Technology

Campus

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For more information about our graduation rates, the median debt of students who completed the program, and other important information, please visit our website at www.it-colleges.edu/disclosure

Programs:

• Vocational Nursing-Diploma
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Campus Locations:

Redding
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Summit College

Campus

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Programs:

• Licensed Vocational Nurse

Campus Locations:

Colton
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Bellevue University

Campus

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• BS in Nursing
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Capella University

Campus

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Saint Peter's College

Online

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Stratford Career Institute

Online

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CBD College

Campus

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• Associate of Applied Sciences in Vocational Nursing
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Los Angeles

Allied Health Institute

Online

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Everest College

Campus

Develop the skills to succeed in today's highly competitive business environment. Everest College can prepare you for a rewarding career in some of today's hottest fields.

Programs:

• Diploma - Medical Assistant
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Campus Locations:

Los Angeles
San Jose
Anaheim
Gardena
Alhambra
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LA Puente
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Reseda
Torrance
Hayward

Saint Xavier University

Campus

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Programs:

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Chicago

Heald College

Campus

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Programs:

• Medical Assisting
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Campus Locations:

Stockton
San Francisco
Roseville
Salida
Rancho Cordova
Milpitas
Salinas
Fresno
Concord
Hayward

Platt College

Campus

Turn your talents into a career. Nationally recognized and accredited Platt College offers degree programs in Graphic Design, Multimedia, IT Networking and Paralegal.

Programs:

• Medical Assisting
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Campus Locations:

Alhambra
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Riverside

Anthem College

Campus

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Programs:

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Campus Locations:

Sacramento

UEI College

Campus

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Programs:

• Medical Assistant

Campus Locations:

Stockton
Gardena
Fresno
Riverside
Bakersfield

Milan Institute

Campus

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Programs:

• Medical Assisting
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Campus Locations:

Indio
Visalia
Clovis

Empire College

Campus

Empire College, located in Santa Rosa, California, can give you the career training you need to launch or advance your career in the Business, Law, Technology, or Medical fields.

Programs:

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Campus Locations:

Santa Rosa

WyoTech

Campus

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Programs:

• Medical Assistant
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Campus Locations:

Long Beach

Mayfield College

Campus

Give your career a boost with an education from Mayfield College. Our academic programs include medical front office, computer support technician, and general office management.

What's another reason that makes Mayfield College the right choice? Students receive a new computer when they graduate.

Programs:

• Medical Assistant

Campus Locations:

Cathedral City

BioHealth College

Campus

Give your career a boost with BioHealth College. We offer programs in biotechnology, pharmacy tech, medical assisting, and business administration. Our programs can be completed in as little as seven months.

Programs:

• Medical Assistant

Campus Locations:

San Jose

South University Online

Campus

Designed with the needs of working adult students in mind, South University, Online Programs is built on the same curriculum offered at South University's campus locations. As a student at South University, Online Programs you will receive the same degree, quality instruction, variety of learning options and level of service found at the campus locations.

Programs:

• Nursing Specialization in Nursing Informatics (RN-MSN)
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Campus Locations:

Savannah