Tax Benefits for Higher Education

The following information was prepared to inform students about the benefits and requirements contained in the Tax Relief Act of 1997. It is based upon our understanding of the provisions contained in the law and should not be considered an official document. Students should rely upon the advice of their tax accountant or the Internal Revenue Services as appropriate. Colleges and Universities are unable to provide students and families with tax advice. For assistance, please contact a tax professional or refer to IRS Publication 970 (Tax Benefits for Higher Education).

An up-to-date document is the Tax Benefits for Higher Education , Publication 970, available at the IRS website. http://www.irs.gov/publications/p970/index.html

Important Changes
There are many new tax benefits for persons who are saving for or paying higher education costs for themselves and members of their families or who are repaying student loans. These benefits include tax credits, individual retirement account options, and a deduction for student loan interest.