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The Hope Scholarship is a tax credit that is subtracted from the total federal income tax that the family owes.
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The tax credit may only be used for expenses during the first 2 years of post secondary education. The student must have a high school diploma or it equivalent and be enrolled in a degree program and attend school at
least half time for one academic period.
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The tax credit may only be used for tuition and fees for the taxpayer, a spouse, or dependent. The credit cannot be used for expenses incurred for books, room and board or other expenses.
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The credit may be claimed for 100% of the first $1,000 of yearly tuition and fees, and 50% of the next $1,000 yearly tuition and fees.
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An individual may claim a Hope credit for more than one eligible student. The maximum yearly credit per student is $1,500.
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