Hope Scholarship / Lifetime Learning Credit

This is a tax credit, not a scholarship. Tax credits are subtracted from the tax your family owes, instead of subtracting them from taxable income like a tax deduction. Your family must file a federal tax return and owe taxes to get this tax credit. You can't get a refund for the tax credit if your family doesn't pay any federal income tax. If your family owes less in taxes than the maximum amount of the tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes.


Information from Taylor University

The 1098-T statements will be mailed on or before January 31, 2008 to all students who had at least part time enrollment status during the 2007 calendar year. The mailing address is the student's permanent address as listed with the registrar's office.

In compliance with current IRS regulations, the 1098-T lists billable charges and scholarships and grants awarded during the 2007 calendar year. It will not list a total of all payments received, as taxpayers should consult their own records for this information.

Students may obtain a copy of the 1098T information as well as supplemental information detailing qualifying charges, payments, loans and scholarships on TOWER. Here are the steps to access this information:

  1. Log on to the TOWER account through the myTAYLOR portal if a current student or through the Web site at https://services.taylor.edu/ if no longer enrolled.
  2. Choose Student Services.
  3. Choose Student Records.
  4. Choose Tax Notification.
  5. Enter 2007 (previous year information is available by entering the relevant tax year.)

Taylor University cannot provide individualized information about how to file taxes and the amount of credit a taxpayer may be able to claim. General information about eligibility and requirements can be accessed at the IRS Web site: http://www.irs.gov/. The form to use for claiming a credit on your federal taxes is Form 8863. This form is available on the IRS Web site. For detailed information, you may wish to consult a qualified tax consultant.

Please contact us if you have any questions.