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When filing an income tax return form, college students and grad school students only have a few options for claiming educational deductions. Students may also only choose one of these deductions to take advantage of in a tax return. These three deductions are the Hope Learning Credit, the Lifetime Learning Credit, and the American Opportunity Credit. Typically, the best credit for students is the American Opportunity Credit. However, it pays to play around with the figures and try to figure out the calculations for each credit. You may be surprised by the funds you are able to receive from a particular educational credit.

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