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One other good aspect of the Hope Scholarship is that the tax credit is partially refundable. If the taxpayer does not have sufficient tax liability to fully offset the tax credit, up to 40% of the amount of the tax credit may be refunded to the taxpayer.
The credit is bigger, covers more years of college, and helps more taxpayers. The American Opportunity tax credit, previously called the Hope College credit, is valued at $2,500 for 2014, up from $1800 in 2008. Because a tax credit reduces your tax bill dollar for dollar, this basically means Uncle Sam will give you up to $2,500 per year for each qualifying college student in your family.