Is there a tax credit available for higher education expenses for eligible students?

The tax credit available for higher education expenses is designed to help eligible students reduce their tax liability. This tax benefit is specifically aimed at supporting individuals who incur costs for tuition, required fees, and other qualified education expenses while enrolled in an eligible institution.

One of the most well-known credits for this purpose is the American Opportunity Credit, which can be claimed for qualified expenses incurred for the first four years of post-secondary education, and it is available for both full-time and part-time students, as long as they meet specific eligibility requirements. Additionally, the Lifetime Learning Credit provides some tax relief for students who may not be enrolled on a full-time basis or who are pursuing graduate-level education.

Both credits can significantly decrease the overall cost of higher education, making them a valuable resource for students and their families. Thus, the statement affirming the availability of a tax credit for higher education expenses for eligible students is accurate.