Federal Education Tax Benefits: Who Receives Them and to What Extent Do They Shape the Price of College Attendance. Stats in Brief

摘要

With the Taxpayer Relief Act of 1997, the federal government moved beyond providing postsecondary students and their families with traditional types of student financial aid like grants and loans and created two education tax credits: the Hope tax credit and the lifetime learning tax credit. A few years later, in the Economic Growth and Tax Relief Reconciliation Act of 2001, the federal government added another education tax benefit: the tuition and fees deduction. Both forms of tax benefits, credits and deductions, provide financial assistance for education expenses by reducing the tax liabilities of tax filers who pay education-related expenses.