Tax Information

Taxpayer Relief Act of 1997

The Taxpayer Relief Act of 1997 may provide you with an opportunity for tax savings through the Hope Scholarship Credit and the Lifetime Learning Tax Credit. These two tax credits are based on payments made for tuition and certain related educational costs.

In general, the Hope Scholarship Credit enables a taxpayer to claim a tax credit of up to $1,500 per eligible student for the payment of qualified tuition and related expenses pertaining to the first two years of post-secondary education. To be eligible, the student must be enrolled as a first- or second-year student in an undergraduate degree program, and must be enrolled at least half time for at least one term during the tax year. The Hope Scholarship Credit is effective for qualified tuition and related expenses paid after December 31, 1997. For more information, please go to www.irs.gov/individuals and select Tax Incentives for Higher Education Expenses.

The Lifetime Learning Credit allows a taxpayer to claim a tax credit for up to 20 percent of the first $10,000 of all other qualified tuition and related expense paid by the taxpayer during the tax year. The Lifetime Learning Credit is effective for educational expenses paid after June 30, 1998.

If you would like to request a statement of your tax year account activity, please submit a 1098T Request Form or you may review your past year statements through the Online Student Accounts Center. This may be accessed through the Web Advisor "Make a Payment/View E-Bill" option.

This information is being provided as a service to the student population and is not intended as tax advice. Students may wish to consult a tax professional to discuss their individual situation. Students may obtain additional information through the IRS website. No employee of Aurora University will provide tax advice or consult with students regarding eligibility or qualifications for these tax credits.

Aurora University will report eligible AMOUNTS BILLED/CHARGED to students' accounts during the tax year along with any scholarship/grant credit on the 1098T form. We do not report the amount paid by the taxpayer. The taxpayer must refer to their own records for this information. The amount billed/charged is not necessarily the amount paid by the taxpayer. The tax credit available is based on the amount paid. Please consult with a tax professional for more information. For the convenience of our students, a full tax year e-bill will be available to all currently registered students through the Online Student Accounts Center after January 3.