Tax Relief for Higher Education Costs

Bradley, Cassie F.; Dalton, Michael A.
April 1998
Journal of Financial Planning;Apr98, Vol. 11 Issue 2, p68
Academic Journal
The article focuses on the Taxpayer Relief Act of 1997 (TRA) and its potential effect on U.S. financial aid. Prior to the implementation of the law, there were few provisions in the law that alleviated the cost of higher education, and most of those dealt with gross-income exclusions for certain types of educational assistance. These provisions remained unchanged because the TRA simply expanded tax relief by increasing the deductibility of certain educational expenses. Incentives provided by TRA 1997 include the Hope Scholarship Credit, the Lifetime Learning Credit, Education IRA, withdrawals from regular IRA for educational expenses and student loan interest deduction.


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