Taxpayer Relief Act of 1997 § 221

HOPE SCHOLARSHIP CREDIT (Non-Refundable Tax Credit)	LIFETIME LEARNING CREDIT (Non-Refundable Tax Credit)	STUDENT LOAN INTEREST DEDUCTION
Beginning January 1, 1998	Beginning July 1, 1998	Beginning January 1, 1998
Must be at Least 1/2 time student	No requirements - no minimum # hours	Must have been at least 1/2 time student
First 2 years post-secondary education	No limit on level of post-secondary studies	No limit on level of post-secondary studies
Claim no more than 2 years per student	No limit to # years claimed per student	Only during first 60 months in which interest payments are required
Program leading to a degree	No degree program required	Program leading to a degree
Does not includes graduate level studies	Includes graduate level studies	Includes graduate level studies
Student must be free of any Federal/State felony conviction for possession/distribution of a controlled substance	Not applicable	Not applicable
100% of first $1,000 out-of-pocket expense 50% of next $1,000 out-of-pocket expense	20% of first $5,000 out-of-pocket expense	$1,000 per taxpayer
Maximum $1,500 per student in family	Maximum $1,000 per family (any # of students)	Maximum $1,000 per taxpayer
After 2002 - the $1,500 maximum will be indexed for inflation	After 2002 - changes to 20% of $10,000, Max. $2,000 - will not be indexed for inflation	Changes to $1,500 in 1999, $2,000 in 2000, $2,500 in 2001, and $2,500 thereafter

N O T E

This information is provided for your convenience and the University of Florida does not warrant its reliability. You should always contact your tax advisor or IRS publications and websites for tax information. The University of Florida is not able to assist you in determining your tax credit or deduction eligibility or with preparing your income tax return. You must contact a tax consultant or the Internal Revenue Service for this type of support.

A Hotline is available for information regarding the amounts paid as tuition or interest on loans: (352) 846-3808