Tax Relief Act Frequently Asked Questions

What is TRA-97?

TRA-97 stands for The Taxpayer Relief Act of 1997.

How do the tax credits offered through TRA-97 affect me?

The Taxpayer Relief Act of 1997 offers two tax credits that may be of benefit to students at Texas A&M University; the Hope Scholarship and Lifetime Learning Credit. Please refer to Tax Relief Act for more information.

Who is eligible for a credit under TRA-97?

Any taxpayer, taxpayer's spouse, or taxpayer's dependent that is enrolled in an eligible educational institution paying qualified tuition and fees. Please refer to Tax Relief Act for more information.

Can I claim everything that I pay to Texas A&M for a credit?

The credit can only be claimed for specific types of charges that you paid. Please refer to Tax Relief Act for more information, or contact your tax advisor or the Internal Revenue Service for advise on what you are entitled to claim.

Who can I call at Texas A&M that can answer questions about what I can claim for a credit under TRA-97?

Texas A&M University will provide its students  with fee and payment  information necessary to take advantage of TRA-97 and the tax credits it provides. However, University staff do not have the credentials or knowledge to advise about questions pertaining to a student or parent's specific tax situation. Please contact your tax advisor or the Internal Revenue Service for specific information about your tax return.

How much of a credit can I claim?

Please refer to Tax Relief Act for more information, or contact your tax advisor or the Internal Revenue Service for advise on what you are entitled to claim.

How long can the credit be claimed?

The Hope Scholarship Credit can only be claimed for two tax years per eligible student. There is no limit to the number of years that a Lifetime Learning Credit can be claimed for eligible students. Please refer to Tax Relief Act for more information.

When will I receive information about the fees I have paid?

Texas A&M will mail form 1098T to students in late January. It will include a schedule of fees paid by you.

Where will my 1098T be sent?

Form 1098T and fee information will be sent to the address that the student designates to the University as their permanent address . Students can see and change this address using My Finances.

What is the Student Loan Interest Deduction?

The Student Loan Interest Deduction is a deduction available for interest payments made toward a covered student loan that are in the first 60 months of repayment. Please refer to Tax Relief Act for more information.

How much of a deduction can I claim for my student loan?

If you are an eligible student that has paid interest on a covered student loan and you meet all other requirements under TRA'97 you can claim a maximum deduction of $1,000 for 1998. Please refer to Tax Relief Act for more information.

Will I receive a tax form for the interest I have paid?

If you have paid over $600 to Texas A&M University in interest on your covered student loan/loans during the tax year, you will receive a Form 1098-E (Student Loan Interest Statement). A 1098-E supplement statement will be sent to those individuals that have paid any amount of interest on a qualified student loan. Please refer to Tax Relief Act for more information.

When will I receive the Form 1098-E?

The 1098-E will be mailed in late January.