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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.
Tax Credit: Hope Credit. Letâs compare the mortgage interest deduction to the Hope credit. The Hope credit is an education credit that allows you to claim 100% of the first $1,2000 of qualified education expenses and 50% of the next $1,200, for a total of $1,800. credit is a straight reduction of your taxes owed, rather than a reduction of your taxable income, so the $1,800 credit means you pay $1,800 less on your taxes. For refundable tax credits, if you would otherwise owe less than $1,800, you get the difference back as a refund!