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Federal Pell Grant

Financial aid given by the U.S. government to eligible undergraduate students who display exceptional financial need, which does not have to be repaid.

Gross Income

All income from any source, unless specifically excluded by law, used to calculate how much tax an individual owes.

Taxable Years

The annual accounting period for which a taxpayer calculates their income and files taxes, typically January 1st to December 31st for individuals.

American Opportunity Tax Credit

A federal tax credit available to eligible students or their families for qualified education expenses for the first four years of higher education.

Lifetime Learning Credit

A federal tax credit available to eligible students or their families for qualified education expenses for undergraduate, graduate, and professional degree courses, or courses taken to acquire job skills.

Qualified Tuition and Related Expenses

Specific costs associated with enrollment or attendance at an eligible educational institution, usually including tuition, fees, and course materials, but not typically room and board.

Internal Revenue Code of 1986