Many students receive financial aid to help cover the costs of going to college. If you receive aid, it’s important to be educated on how it may affect your taxes.

The two credits available to students are the American Opportunity Tax Credit and the Lifetime Learning Credit, however, you can only claim one in a given tax year.

The Educator Expense Deduction allows eligible educators to claim up to $300, up from $250 in 2021, for unreimbursed expenses related to the classroom.