Are my college expenses tax deductible.

As the 2007 tax-filing season draws to a close on April 15, a record number of students are looking into the tax benefits available to make higher education more affordable. Following is a summary of some of these benefits.

> Tax credits. The Hope Credit and the Lifetime Learning Credit reduce federal income taxes based on qualified education expenses, which include tuition and certain required fees, less certain grants and scholarships received. The Hope Credit is available for only the first two years up to $1,650 per student, while the Lifetime Learning Credit is unlimited in years for up to $2,000 per tax return.

> Tuition and fees deduction. Capped at $4,000, this deduction is based on qualified education expenses, including student activity fees and costs for supplies and equipment that must be paid to a post-secondary institution as a condition of attendance or enrollment. Students who do not qualify for either the Hope or Lifetime Learning credits because of their income level may be eligible to take this deduction.

> Student loan interest deductions. The interest paid on student loans--Federal Stafford, PLUS and Perkins loans; federal and direct consolidation loans; federal loans for health care professionals; and private education loans issued by schools, banks and nonprofit associations--may be tax-deductible up to $2,500.

For more information about these tax benefits, visit http://www.irs.gov or call 1-800-829-1040 for a copy of the Internal Revenue Service's Publication 970: Tax Benefits for Education.