Student Loan Deferrals and Tax Credits
Taft University students are eligible to defer repayment of existing federally insured student loans
during their enrollment period with Taft. No unaccredited college
or university can provide this benefit to its students.
Applicants are encouraged to check with their lenders to confirm
deferral eligibility in their particular circumstances before
Taft University students may qualify for a Lifetime Learning Credit on their federal income tax return equal to 20% of their qualified education expenses. If a student paid $5,500 in tuition, this could reduce their tax liability (or increase your tax refund) by as much as $1,100 per year for each year of your enrollment. For most taxpayers, they can claim the full credit if their adjusted gross income on a joint return is less than $122,000 ($61,000 if you file a single return).
The normal disclaimer: we recommend that you consult with your tax advisor
or read IRS Publication 970 to determine how this credit or deduction might
There is no charge for the completion of loan deferral forms or the preparation of the IRS Form 1098-T which is necessary to claim the tax credits or deductions.
We hope that the above information will be helpful in budgeting for your education.