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Educational Tax Credits

The tax benefits can be used to get back some of the money you spend on tuition or loan interest or to maximize your college savings. The incentives come in a couple of forms: Tax credits, which directly reduce the amount of tax you are liable for; and Tax Deductions, which reduce the amount of income on which you pay taxes.

Read Tax Breaks for Higher Education and IRS Publication 970, Tax Benefits for Education (PDF) to see which federal income tax benefits might apply to your situation. Tax benefit information is also listed on the Federal Student Aid website.