To promote college access and affordability, education tax credits help with the cost of college by reducing the amount of tax owed. The most generous Federal higher education tax credit, the American opportunity tax credit (AOTC), is a maximum annual credit of $2,500 per eligible student. Yet, many eligible students (or their families) do not claim the credit. Among eligible students, national estimates indicate that 46 percent of independent students and 56 percent of dependent students take…
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