So basically, when you are applying for a hope scholarship, you will not get any deductions on your college expenses but this scholarship will only help reduce the tax liability. There is yet another such scholarship which is the lifetime learning credit. Nonetheless, if your tax is lower than these credits then you can even go ahead and use them to an extent where your tax can be zero. To be frank, these scholarships are more of a tax credits or tax relievers. So they help you in saving your tax.
To be eligible for the hope scholarship, you need to have a clear and clean criminal record, anyone with drug conviction wont be allowed to enroll for this scholarship. This scholarship is only available for the two-years of the post school academia. For instance if you are a fresher trying to get an undergraduate degree and the expenses involving your education is going up to one thousand dollars, then you are the right candidate for opting the hope scholarship.
People who are trying to get their budgets down by wanting to reduce their educational expenses, the hope scholarship can be a definite alternative. The hope scholarship is available for the amount of $1800 which is dependent on per student basis.
And they also differ in their eligibility, so it is crucial to sort out which one suits you the best. To know how it works, read further. So this way the hope scholarship will give you a tax credit of about one thousand dollars which can go on for the first two-years of your schooling and then for the last year you can go in for the lifetime learning credit. Another important eligibility is that if you are dependent on any other person for the tax return then you wont be eligible for the hope scholarship. To get this scholarship, your education institution will give you a form 1098-T that will show you with the payments to be made.
The hope scholarship is provided to all those who are at least enrolled in the school for half the academic year. These are some of the wonderful offerings of Uncle Sam. So you are done with schooling and want to decrease your education expenses, we have an unbelievable solution for you. Nevertheless, you can use both of these scholarships at the same time. This is how you can decide whether or not, you should go for the hope scholarship.