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Education Credits: Questions and Answers

What is an eligible educational institution for education credit:

It is any college, university, vocational school**,** or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education. This includes most accredited public, nonprofit and privately-owned–for-profit postsecondary institutions.

CCO does NOT participate in the Federal Student Aid program.

http://www.ifap.ed.gov/fsahandbook/attachments/0910FSAHbkVol2Ch1School.pdf

A school that wishes to participate in the FSA programs must demonstrate that it is eligible to participate before it can be certified for participation. A school must apply to and receive approval from the Department of its eligibility to participate. Some schools apply only for a designation as an eligible institution (they do not seek to participate) so that students attending the school may receive deferments on FSA program loans, or be eligible for the HOPE/Lifetime Learning Scholarship tax credits or other non-FSA programs that require that the school be FSA-eligible.

The same application is used to apply for both eligibility and certification for participation (see Chapter 2). The Three Definitions of Eligible Institutions The regulations governing institutional eligibility define three types of eligible institutions—institutions of higher education, proprietary institutions of higher education, and postsecondary vocational institutions.

Under the three definitions, a school is eligible to participate in all the FSA programs provided the school offers the appropriate type of eligible program (see chart on next page). This section covers the key elements of the three definitions, giving special attention to those requirements that affect the definition of an eligible program. Although the criteria for the three types of institutions differ somewhat, the definitions are not mutually exclusive. That is, a public or private nonprofit institution may meet the definition of more than one type of eligible institution.

Find the answers to the most common questions you ask about the Education Credits– the American Opportunity Tax Credit and the Lifetime Learning Credit.

What are qualified expenses for the education tax credits?

In general, qualified expenses for the education tax credits include tuition and required fees for the enrollment or attendance at an eligible post-secondary educational institutions (including colleges, universities and trade schools). The expenses paid during the tax year must be for: an academic period that begins in the same tax year or an academic period that begins in the first three months of the following tax year.

• see if your school is on theU.S Federal student aid list 

http://ifap.ed.gov/ifap/fedSchoolCodeList.jsp


CCO Tax ID: 46-1618824


Education Credits: Questions and Answers

What is an eligible educational institution for education credit:

It is any college, university, vocational school**,** or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education. This includes most accredited public, nonprofit and privately-owned–for-profit postsecondary institutions.

CCO does NOT participate in the Federal Student Aid program.

http://www.ifap.ed.gov/fsahandbook/attachments/0910FSAHbkVol2Ch1School.pdf

A school that wishes to participate in the FSA programs must demonstrate that it is eligible to participate before it can be certified for participation. A school must apply to and receive approval from the Department of its eligibility to participate. Some schools apply only for a designation as an eligible institution (they do not seek to participate) so that students attending the school may receive deferments on FSA program loans, or be eligible for the HOPE/Lifetime Learning Scholarship tax credits or other non-FSA programs that require that the school be FSA-eligible.

The same application is used to apply for both eligibility and certification for participation (see Chapter 2). The Three Definitions of Eligible Institutions The regulations governing institutional eligibility define three types of eligible institutions—institutions of higher education, proprietary institutions of higher education, and postsecondary vocational institutions.

Under the three definitions, a school is eligible to participate in all the FSA programs provided the school offers the appropriate type of eligible program (see chart on next page). This section covers the key elements of the three definitions, giving special attention to those requirements that affect the definition of an eligible program. Although the criteria for the three types of institutions differ somewhat, the definitions are not mutually exclusive. That is, a public or private nonprofit institution may meet the definition of more than one type of eligible institution.

Find the answers to the most common questions you ask about the Education Credits-- the American Opportunity Tax Credit and the Lifetime Learning Credit.

What are qualified expenses for the education tax credits?

In general, qualified expenses for the education tax credits include tuition and required fees for the enrollment or attendance at an eligible post-secondary educational institutions (including colleges, universities and trade schools). The expenses paid during the tax year must be for: an academic period that begins in the same tax year or an academic period that begins in the first three months of the following tax year.

• see if your school is on theU.S Federal student aid list 

http://ifap.ed.gov/ifap/fedSchoolCodeList.jsp


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