Reimbursement program gives to undergraduates

   Grants, scholarships and student loans aren’t always enough to fuel a college education but there may be an easier way to attain financial assistance: filing your taxes.
   The American Recovery and Reinvestment Act, or Stimulus Act, has introduced a new branch of assistance, making the act of doing taxes more rewarding. The Internal Revenue Service added the American Opportunity Credit for college students, formerly known as the Hope and Lifetime Learning Credits Act, to this year’s income tax return.
   The American Opportunity Credit can offer up to a $2,500 rebate, which is $700 more than the Hope Act offered. Also unlike the Hope Act, the credit allows for you to receive reimbursement for the first four years of college or university instead of the previously offered two years.
   Using Form 8863, taxpayers could be reimbursed for qualified tuition and school-related expenses from 2009 and 2010. Books, supplies and equipment are covered; however, computer purchases are only a factor if it was needed for enrollment or attendance at post-secondary institutions.
   Michelle Evans, a nursing student, didn’t know about the new amendment. "It could definitely help me next year," said Evans, "FAFSA just pays for my tuition. My job also reimburses me for the classes that I pass, but this could definitely help."
   Only undergraduate students who are currently enrolled or have attended school within the past year are eligible to receive the credit. Students must be enrolled in six units or more and credit can be claimed for the individual, a spouse or child attending school with the aforementioned requirements. Any sort of felony charge is an immediate disqualification.
   Students who make less than $80,000 annually will be granted more than individuals who earn more than that or couples who make more than $160,000 For those with incomes insufficient, it is recommended to still apply. An amount of $1,000 could still be awarded.