Tax incentives for individuals who are saving or paying for higher education

There are a variety of tax incentives for those who are saving for higher education. In addition, there are also tax incentives for those who are currently paying their education expenses and for those who are paying their student loans. Hope and Lifetime credits are available to those who are enrolled in a qualified institution. You can only pick one of the two- either Hope or Lifetime. In addition, an individual can also qualify to claim a tuition deduction of up to $4K for qualified education expenses. For those individuals who are finished with school and currently repaying their student loans, the interest on a qualified student loan may qualify as a deduction subject to certain provisions