Several tax benefits are available to help families meet the cost of post-secondary education. These education tax benefits are intended to help students and their parents fulfill a variety of education objectives.

If you are paying higher education costs for yourself or another student, there are federal tax benefits available to you. Please note that PNC does not provide tax advice and makes no representation or warranty as to the accuracy of the information. Please consult your tax advisor for tax advice matters.

• the Hope Credit
• the Lifetime Learning Credit

Other types of tax benefits are also available. With these benefits, you may be able to:

• Deduct student loan interest
• Receive tax-free treatment of canceled student loans
• Deduct tuition and fees for higher education
• Make early withdrawals from any type of individual retirement account (IRA) for education costs without paying the 10% additional tax
• Cash in savings bonds for education costs without paying tax on the interest
• Receive tax-free educational benefits from your employer

A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself.

The information contained in this section is from IRS Publication 970: Tax Credits for Education. PNC does not provide tax advice and makes no representation or warranty as to the accuracy of the information. Please consult your tax advisor for tax advice matters contained in this section.

For more information, visit www.irs.gov or call 800-829-1040.