Virginia

Tax Benefits

There are a variety of tax credits and deductions available to assist with the expense of higher education. For more information, please visit the Internal Revenue Service Tax Benefits for Education publication.

Credits

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit and the lifetime learning credit.

Deductions

Tuition and Fees Deduction - You may be able to deduct qualified higher education expenses paid during the year for yourself, your spouse or your dependent. This deduction can reduce the amount of income subject to tax by up to $4,000, and can be claimed even if you do not itemize deductions. Note: certain restrictions apply. More information

Student Loan Interest Deduction
- If your modified adjusted gross income is less than $80,000, or $160,000 if filing jointly, you are allowed to deduct interest paid on a student loan used for higher education. This deduction can reduce the amount of your income subject to tax by up to $2,500. You can claim this deduction even if you do not itemize deductions. More information
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Appalachian College of Pharmacy
Appalachian School of Law
Averett University
Bluefield College
Bridgewater College
Eastern Mennonite University
Edward Via College of Osteopathic Medicine
Emory & Henry College
Ferrum College
George Washington University - VA
Hampden-Sydney College
Hampton University
Hollins University
Jefferson College of Health Sciences
Liberty University
Lynchburg College
Mary Baldwin University
Marymount University
Randolph College
Randolph-Macon College
Roanoke College
Shenandoah University.
Southern Virginia University
Sweet Briar College
University of Richmond
Via College of Osteopathic Medicine - VA
Virginia Union University
Virginia Wesleyan University
Washington and Lee University
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