Hope Scholarships

Written by Tara Peris
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Hope scholarships are federally funded programs that are designed to ensure that all students have access to higher education. By utilizing tax credits, they allow students to cover a significant proportion of their first two years of expenses. This creates the freedom and flexibility to determine the best academic course without giving undue weight to financial matters. From professional school to the initiation of a bachelor's degree, all things are possible.

Hope scholarships can provide as much as $1,500 of financial support. All taxpayers are eligible to receive these awards as they come in the form of tax credits. These credits typically cover $1,000 of tuition during the first year of school and half that amount during the second year. This is a great source of free money for college and one upon which every student should capitalize.

Going the Distance

Although help during the first two years of college is critical, most students find that they need some form of financial assistance for the duration of their undergraduate years. Indeed, a primary reason for college dropout among minority students is a lack of educational funds. This makes it vital that every student have access to ongoing aid.

Students who require financial assistance beyond the first two years of college have a number of resources on which they can rely. The Lifetime Learning Credit is a tax credit that can be used to offset educational costs during the last two years of college and for the duration of graduate school. Many families can get as much as a 20 percent credit to cover funding needs. This eases accumulating costs and ensures that all students have a fair shot at completing a college program.

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