Savings and Tax Credit Plans

Hope and Lifetime Learning Credits
Both credits are claimed when you or your parents file federal income tax forms. The Hope credit provides up to $1500 for 1st and 2nd year students. The Lifetime Learning credit allows 20%, up to $5000, of a family's tuition expenses to be taken in the form of a tax credit. Both programs have an income ceiling. Additional information may be obtained from the IRS or a tax professional.

Golden State ScholarShare Trust
This new tax-deferred savings plan is administered by the California Student Aid Commission. Families and individuals participating in this plan make contributions toward future educational expenses of children, grandchildren and others. TIAA-CREF, the world's largest pension system, invests these pooled contributions which grow on a tax-deferred basis. For more information on this program visit the ScholarShare web site at: www.scholarshare.org or telephone CSAC at (916) 526-7590.