National Association of College Stores supports nationwide #taxbreak4students campaign

“Millions of students who are struggling to pay for college may not realize that they’re eligible to take advantage of multiple education tax benefits,” said Richard Hershman, NACS’ vice president of government relations. “The AOTC provides up to $2,500 of out-of-pocket cost of tuition and related expenses, including course materials, paid during the taxable year. Forty percent of the credit is refundable, with the maximum refundable amount of $1,000. And, if they qualify, students can also receive up to $2,000 per year, per return, through the Lifetime Learning Credit. These are benefits students and their families should be aware of.”

The #TaxBreaks4Students campaign during the week of March 2 urges students to check out IRS resources to see whether they qualify for these important benefits. It also engages education stakeholders, including colleges and universities and such education associations as NACS, the American Association of Community Colleges (AACC), the American Council on Education (ACE), and the National Association of College and University Business Officers (NACUBO).

“We applaud Congressman Davis and his staff and appreciate their leadership to create awareness around the important issue of college affordability,” Hershman said. “Combined with proactive campus-based efforts underway to make course materials more affordable for students, the tax credits go a long way to help students succeed in their academic careers and beyond.”

NACS has long supported efforts to enhance affordable and equitable access to quality course materials, and the association and its 3,000 members continue to work as a student ally. In 2009, NACS created www.textbookaid.org in consultation with student organizations, when the association saw the need to help students and parents find reliable information to help them with college course material costs. The purpose of www.textbookaid.org is to be a valuable source of information, to increase awareness of sources of funding, new laws and regulations, and other issues that affect students’ ability to pay for college.

Students and their families can find out if they qualifty for these benefits by visiting http://go.usa.gov/Jvej. Or check out information on each tax credit on Twitter at #American_Opportunity_Tax_Credit or #Lifetime_Learning_Credit .