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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.
In 2009 and 2010, the credit is worth up to $2,500 â a $700 increase. The credit is calculated as 100% of the first $2,000 of tuition, fees and course materials paid during the taxable year plus 25% of the next $2,000 of tuition, fees and course materials paid during the taxable year. 2, The Hope credit originally applied only to the first two years of college. The expanded American Opportunity Tax Credit can be claimed for expenses for the first four years of post-secondary education.