Other Sources of Aid

Americorps

AmeriCorps is a national service initiative that engages individuals from all backgrounds in community service activities. In return for the successful completion of their service, participants receive money for school in the form of education awards that can be applied to outstanding student loans or used for future higher educational and vocational training pursuits. For more information, call 1-800-942-2677, or visit www.americorps.org.

Federal Tax Incentive Programs

Two federal income tax credits that offer dollar-for-dollar reductions in tax liability are available for higher education expenses.

The HOPE credit, worth up to $1,500 per student, is available to first- and second-year students enrolled at least half-time.

The Lifetime Learning credit is a tax credit equal to 20 percent of a family's tuition expenses, up to $5,000, for virtually any postsecondary education and training, including subsequent undergraduate years, graduate and professional schools, and even less than half-time study.

Learn more about HOPE and Lifetime Learning Education Tax credits, and other tax benefits for postsecondary students. You can also review the Internal Revenue Service's Publication 970. To get a copy of Publication 970, please call 1-800-829-3676, or download the publication.

Student Loan Interest Deduction

Some students may now deduct the interest paid on their qualified education loans when filing their federal income tax returns. The student loan interest deduction allows students or their families to take a tax deduction for interest paid during the first 60 months of repayment. The deduction is available even to students who do not itemize deductions. For more information on student loan interest deductions, please consult your tax advisor.

Tuition Payment Plans

Tuition payment plans are available. Please direct all inquiries to the Office of the Bursar by contacting help@touro.edu.