Education Credit

The Education Credit is a benefit provided by the U.S. government to help students and their families reduce the cost of higher education. It offers a tax credit based on qualified education expenses, such as tuition and related fees. Essentially, it allows eligible taxpayers to subtract some of their education costs from their tax liability, making college or training programs more affordable. There are two main types: the American Opportunity Credit and the Lifetime Learning Credit, each with specific criteria and benefits aimed at supporting educational attainment.