Starting in the tax year 1998, some new tax benefits became available to families and students who are paying the costs of higher education. Qualified students may take advantage of educational tax credits (Hope Scholarship or Lifetime Learning Credits), an educational Individual Retirement Account (Education IRA), and a deduction for student loan interest. Information on the new tax benefits and your eligibility may be obtained either from the Department of Taxation-Internal Revenue Service at 1-800-829-1040 or from a tax advisor. The IRS also provides Publication 970 as a guide to tax benefits.

• Tax Relief Act of 1997 (PDF)
• IRS Publication 970