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Congress passed the Taxpayer Relief Act of 1997 (Act). The
Act creates several new tax benefits
for families who are saving for, or already paying, higher education costs or
are repaying student loans.
A few of the benefits provided by the Act include the
Hope Scholarship and
Lifetime Learning
Credits, and a student
loan interest deduction. These benefits help open the doors of college
to a new generation, with the largest investment in higher education since the
G.I. Bill 50 years ago.
Choose the words or phrases that are underlined and in italics to see
their definition in the glossary.
* This information is not intended as legal or tax advice.
Individuals should obtain IRS Publication 970, Tax Benefits for Higher
Education, or contact a tax practitioner about personal
income tax situations.
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