| American Opportunity credit | Lifetime Learning credit | Student loan interest deduction | Tuition and fees deduction | |
| Credit/deduction applies to | Qualified tuition and related expenses for first four years of undergraduate education | Qualified tuition and related expenses for courses taken throughout lifetime to improve or acquire job skills | Interest paid on a qualified student loan | Qualified tuition and fees paid during the year Last available in tax year 2020; not available in 2021 or beyond |
| Qualified education expenses include room and board? | No | No | Yes | N/A |
| Maximum credit/deduction | $2,500 | $2,000 | $2,500 | N/A |
| Income limits in 2021 | Single filers: full credit available if modified adjusted gross income (MAGI) $80,000 or less Partial credit available if MAGI between $80,000 and $90,000 Joint filers: full credit available if MAGI $160,000 or less Partial credit available if MAGI between $160,000 and $180,000 | Single filers: full credit available if modified adjusted gross income (MAGI) $80,000 or less Partial credit available if MAGI between $80,000 and $90,000 Joint filers: full credit available if MAGI $160,000 or less Partial credit available if MAGI between $160,000 and $180,000 | Single filers: full deduction available if modified adjusted gross income (MAGI) $70,000 or less Partial deduction available if MAGI between $70,000 and $85,000 Joint filers: full deduction available if MAGI $140,000 or less Partial deduction available if MAGI between $140,000 and $170,000 | N/A |
| Less than half-time students or graduate students eligible? | No | Yes | Less than half-time – no; graduate students – yes | N/A |
| Limit on number of students in family for whom credit/deduction can be taken in same year? | No | Yes, annual credit is limited to $2,000 per tax return | No; if applicable, parents can claim the deduction for more than one child in the same year | N/A |
| Credit/deduction available in same year as tax-free distribution from 529 plan or Coverdell account? | Yes | Yes | Yes | N/A |
| Must student be enrolled for a degree or in other program leading to an educational credential? | Yes | No | Yes | N/A |
| Allowed if student has a controlled substance conviction? | No | Yes | Yes | N/A |
