When you’re filing your tax return, make sure you look into the different education credits and deductions that are available.

You may qualify for a Hope tax credit for money spent on educational expenses if you’re enrolled at least half-time as a first- or second-year undergraduate student at an accredited college or university. Thereafter, you may qualify for a lifetime learning credit for educational expenses. If you’re single and your AGI is less than $43,000, or if you’re married and your joint AGI is less than $87,000, you may qualify for the full amounts of these credits: $1,500 Hope credit and $2,000 lifetime credit. The credits are phased out gradually, then eliminated if your AGI exceeds $53,000, or $107,000 if you’re married and file a joint return.

In addition, you may be able to take a student loan interest deduction for interest paid on an education loan used for higher education. To qualify for this deduction, which can be as high as $2,500, your AGI must not exceed $65,000 if you’re single, or $130,000 if you’re married.