Financial Aid
HOPE & LIFETIME LEARNING TAX CREDITSTwo tax credits, the Hope Scholarship Credit and the Lifetime Learning Credits took effect in 1998. These are designed to help taxpayers reduce the cost of tuition and fees paid for higher education.
The Hope Scholarship Credit provides a credit of up to $1,500 for a student who was matriculated and enrolled at least half-time in a post-secondary education institution.
The Lifetime Learning Credit provides a credit of up to $1,000 per year for all other students, including graduate and continuing education students.
WHO QUALIFIES FOR THESE CREDITS?
If you file a federal income tax return and claim yourself as a deduction and your income is below the cutoff, you may qualify. If your parents (or guardian) claim you on their tax return, they may qualify. Taxpayers earning more than $50,000 of modified adjusted gross income are not eligible. New York City College of Technology cannot determine if you are eligible. You should consult a tax advisor or obtain IRS Publication 970 and Form 8863 to review the eligibility criteria.
WHAT IF FINANCIAL AID PAID SOME OF MY TUITION?
Tuition and fees covered by grants, scholarships or waivers do not count when claiming tax credits. Only those expenses paid by student loans or your own resources (or your parent's own resources) may be included. Box number 1 on Form 1098-T contains the amount of qualified tuition and fees you paid during 2003. If you made a late payment for a prior eligible term or a prepayment of spring 2004 tuition and fees, that payment is also included in Box number 1. Box number 4 reports the amount of grants, scholarships and waivers you received which offset 2003 tuition and fees.
WHAT IF I HAVE QUESTIONS ABOUT THE INFORMATION REPORTED ON THE 1098-T THAT I RECEIVED FROM NEW YORK CITY COLLEGE OF TECHNOLOGY?
The staff in the Business Office, 25 Chapel Street, 11th floor, 718.473.8900 will assist you with any questions you may have about the information reported on the 1098-T. The following information may provide the answers to some questions you may have. Tuition and fee charges for any 2003 semesters, which were paid for by qualified grants, scholarships and waivers are not included on the 1098-T.
Tuition and fees charges for Spring 2003, Summer 2003 or Fall 2003 that were paid for between January 1, 2003 and December 31, 2003 are included on the 1098-T for year 2003.
WHERE CAN I GET MORE INFORMATION?
You can call the IRS at 1.800.TAX.FORM and request Publication 970 and Form 8863. You may also wish to consult a tax advisor.
For more information about the Hope Scholarship
Tax Credit and the Lifetime Learning Tax Credit, visit the websites
below:
