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Pell Grant

A federal grant program providing money for students to attend college, primarily based on financial need, that does not need to be repaid.

Gross Income

All income from any source before any deductions or expenses are subtracted; this is the starting point for calculating taxable income.

Taxable Year

The annual accounting period for keeping records to report income and expenses, typically a calendar year (January 1 to December 31) for individuals.

Internal Revenue Code of 1986

The official compilation of federal tax laws of the United States.

Qualified Tuition and Related Expenses

Costs for enrollment or attendance at an eligible educational institution, typically including tuition, fees, books, supplies, and equipment required for courses.

American Opportunity Tax Credit

A federal tax credit available to help offset the costs of higher education for eligible students during their first four years of postsecondary education.

Lifetime Learning Credit

A federal tax credit for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution, available for undergraduate, graduate, and professional degree courses, including those taken to acquire job skills.