How to Get a Hope Scholarship

The Hope Scholarship is a tax credit available to college students, although it is labeled as a scholarship. To qualify for the Hope Scholarship, you must be a taxpayer and a college student that is enrolled at least half time at an eligible college or university. Read on to learn how to get a Hope Scholarship.

Instructions

1. Know the restrictions of the Hope Scholarship. The amount that you receive depends on your family's income, the cost of university attendance and any other scholarships that offset tuition costs.

2. Receive a 1098-T from your university. This form lists the amount of money that you have paid towards tuition as well as the amount of scholarships and grants that have been received.

3. Fill out IRS form 8863. This is the form that needs to be completed to apply for the tax credit. It is found online at the IRS website.

4. Give the information to your accountant. If you are confused about the eligibility requirements and forms that you need to fill out, give your 1098-T to your accountant in order for him to apply for the Hope Scholarship.

5. Receive the tax credit from the IRS. Each tax year, a family may claim a tax credit for each eligible dependent living in their household for the first two years of their college education.

Tips & Warnings

• The Hope Scholarship is only available to students that are completing their first two years of college.

• The Hope Scholarship is not the same as the state of Georgia's HOPE Scholarship. That program is awarded to residents of Georgia that have demonstrated academic achievement.

Resources

• IRS Form 8863