Tax credits or deductions may be available to you while you are attending Ball State.
Below are some common ones, but we emphasize that you should check with the IRS or a tax expert for the latest information that applies to your situation.
Two tax credits that you should be aware of are the Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit. They allow you to subtract, on a dollar-for-dollar basis, the amount of the credit from your total federal income tax bill. Tax credits are different than tax deductions and usually allow for greater total savings than tax deductions, which are subtracted from your income before your taxes are calculated. Tax credits usually allow for greater total savings than tax deductions.
After you complete your studies at Ball State, you may be eligible for a tax deduction on the interest of some federal student loans.
To learn more about income tax credits and deductions, read IRS Publication 970 (PDF).