Are University Fees Tax-Deductible? Avoid This Mistake + FAQs

Yes and no. University fees, such as tuition and mandatory enrollment charges, are not directly tax deductible for most U.S. taxpayers. However, you can often get substantial tax relief for college expenses through education tax credits and other special programs.

In other words, while you generally cannot deduct university tuition or fees from your taxable income like a business expense, you can take advantage of credits (like the American Opportunity Tax Credit) or exclusions that reduce your tax bill dollar-for-dollar.

According to a 2020 U.S. Treasury analysis, nearly one-third of eligible taxpayers never claim the education tax benefits available to them – leaving thousands of dollars on the table in potential tax savings.

The key is understanding which college costs qualify, who can claim them, and how to navigate IRS rules to maximize your refund or reduce your tax liability.

• 🎓 What Counts (and Doesn’t) – Find out which college expenses (tuition, books, etc.) qualify for tax credits or deductions, and which costs (like room and board) are not tax-break eligible.

• 💡 Credits vs. Deductions Explained – Learn the difference between tax credits and deductions for education, and why credits like the American Opportunity Tax Credit often save you more than a deduction would.

• ⚖️ Federal & State Tax Breaks – Understand the federal tax credits available for tuition, plus unique state-level programs (like state tuition deductions or 529 plan benefits) that can boost your savings.

• 👪 Who Can Claim & How – See whether the student or parent should claim the tax benefit, how business owners and employees can deduct education costs, and how to avoid conflicts (like double-claiming the same expense).

• 🚫 Avoid Costly Tax Mistakes – Learn about common pitfalls (such as double-dipping with scholarships or employer benefits, or failing to meet IRS requirements) so you can claim education tax benefits confidently and correctly.

Tax Deductions vs. Tax Credits: How College Expenses Reduce Taxes

Understanding the terminology is crucial. A tax deduction reduces your taxable income, which lowers your tax by a percentage of the deduction (based on your tax bracket). In contrast, a tax credit directly reduces your tax liability dollar-for-dollar.

For example, a $2,000 tax deduction might save you about $220 if you’re in the 11% tax bracket, but a $2,000 tax credit saves you the full $2,000 off your tax bill.

College tuition and fees are not currently deductible as an itemized write-off on your federal tax return. (A temporary tuition and fees deduction existed in prior years but expired after 2020.)

Instead, the tax code provides relief through education tax credits and certain above-the-line deductions. The two primary credits – the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) – allow qualified college expenses to directly reduce your tax bill dollar-for-dollar. Additionally, there’s a limited deduction for student loan interest (up to $2,500) which indirectly helps with education costs after graduation.

Why credits instead of deductions?

Credits often yield a bigger benefit. A credit can reduce your tax (or even produce a refund) regardless of your tax bracket, whereas a deduction only saves a percentage of the expense. For most students and families, claiming a credit will result in greater tax savings than any deduction.

Congress allowed the tuition deduction to lapse to simplify the code and encourage use of credits like AOTC, which target middle-income families and are partially refundable (putting cash back in taxpayers’ pockets).

Qualified Education Expenses: What College Costs Are Tax-Break Eligible?

Not every dollar you spend on college is treated equally by the IRS. The tax law defines “qualified education expenses” – specific costs that can earn you a credit or deduction – and explicitly excludes other expenses.

Generally, to qualify, the expense must be required for enrollment or attendance at an eligible educational institution (a college, university, or vocational school eligible for federal student aid).

Typically Eligible Expenses (Federal Tax Credits):

• Tuition – The primary expense. Tuition paid for enrollment in college courses is eligible for tax credits.

• Mandatory fees – Fees required as a condition of enrollment (for example, general student fees or lab fees for a course) count as qualified expenses.

• Required course materials – Books, supplies, and equipment needed for coursework can qualify. For the American Opportunity Credit, you can count these costs even if you didn’t buy them from the college (e.g. textbooks from Amazon qualify if the book is required for the course).

Expenses That Do Not Qualify (No Credit or Deduction):

• Room and board – Housing (dorm fees, rent) and meal plans are not eligible for any federal education tax credit or deduction.

• Transportation – Travel costs, commuting expenses, gas, or parking fees are not qualified education expenses for tax purposes.

• Personal living expenses – This includes things like student health insurance, medical expenses, or personal supplies.

• Optional fees – Any charges not strictly required for enrollment (like parking permits, gym memberships, or activity fees) generally don’t qualify.

Timing matters: Qualified expenses must relate to an academic period beginning in the tax year or within the first three months of the next year. For example, if you prepay Spring semester tuition in December, it can count for that year’s credit.

Eligible institution: To claim a credit, the school must be eligible for Title IV federal student aid (essentially, most accredited public, private, and non-profit colleges and vocational schools). The school will issue you a Form 1098-T Tuition Statement each year showing the amount of tuition paid. You’ll use that form to help claim tax benefits. (In rare cases, a school isn’t required to send a 1098-T – for instance, if your tuition was fully covered by scholarships or you’re a non-resident alien – but you can still claim a credit if you qualify and have documentation of the expenses.)

American Opportunity Tax Credit (AOTC): $2,500 Annual Credit for Undergraduates

The American Opportunity Tax Credit is one of the most valuable education tax breaks available. It’s a credit of up to $2,500 per student, per year for qualified college expenses. Unlike a deduction, this credit directly reduces your tax bill – and up to 40% of the credit is refundable, meaning you could get up to $1,000 back as a refund even if you owe no tax.

Key features of the AOTC:

• Who is it for? Primarily undergraduate students in their first four years of college. The student must be pursuing a degree or credential and enrolled at least half-time during the year.

• What expenses qualify? Tuition, mandatory enrollment fees, and required course materials (books, supplies, equipment). You can count these costs even if not paid directly to the school (e.g. books from Amazon). Only up to $4,000 of expenses per student count toward the credit (yielding the max $2,500).

• Income limits: Full credit if MAGI ≤ $80,000 (single) or $160,000 (married joint). Partial credit until MAGI reaches $90,000 (single) or $180,000 (joint). Above those, you cannot claim the AOTC.

• Other rules: You can claim AOTC for 4 tax years per student (typically freshman through senior year). The student must not have any felony drug conviction. If you previously claimed the old Hope Credit for that student, those years count toward the 4-year limit.

Example: Suppose you pay $5,000 in qualified tuition and textbook costs for your sophomore year of college. The AOTC would allow you to claim the maximum $2,500 credit (100% of the first $2,000 = $2,000, plus 25% of the next $2,000 = $500). This could reduce your tax bill by $2,500, and if you owe little to no tax, up to $1,000 of that credit could be refunded to you.

Lifetime Learning Credit (LLC): $2,000 Credit for Ongoing Education

The Lifetime Learning Credit is another valuable tax credit for education, but it works a bit differently from the AOTC. The LLC offers a credit of up to $2,000 per tax return (not per student) for a broad range of educational expenses. It’s called “lifetime learning” because it’s not limited to undergraduates – it can be used for graduate school, professional degrees, or even individual courses to improve job skills.

Key features of the LLC:

• Who is it for? Any post-secondary student or adult learner. The student does not need to pursue a degree or attend half-time. Even a single course at an eligible institution qualifies. There’s no limit on the number of years you can claim the LLC.

• What expenses qualify? Tuition and required fees for any post-secondary course. Unlike AOTC, books and supplies only count if you must buy them directly from the school as a condition of enrollment. (So generally, LLC covers tuition and fees.)

• Credit amount: 20% of qualified expenses, up to $10,000 of expenses. Max credit = $2,000 per tax return (no matter how many students). If multiple students, the $10,000 expense limit is shared across all on that return.

• Income limits: Same MAGI limits as AOTC – phases out between $80,000 and $90,000 (single), or $160,000 to $180,000 (joint). Above those, you cannot claim the LLC.

• Refundability: Non-refundable. The LLC can reduce your tax to $0, but you won’t get any leftover credit as a refund (unlike 40% refundable AOTC).

Example: You’re a working professional taking evening graduate courses. You pay $4,000 in tuition for the year out-of-pocket. The LLC would give you a credit of 20% of that amount, reducing your tax by $800.

If Carlos had zero tax liability, the LLC wouldn’t benefit him (since it’s non-refundable). However, he could carry forward the unused credit to a future year when he owes tax – or, if possible, plan to incur the expenses in a year when he has income to benefit from the credit.

AOTC vs. LLC: Choosing the Right Credit

Both the American Opportunity Credit and Lifetime Learning Credit can’t be claimed for the same student’s expenses in the same year. If a student qualifies for AOTC, that usually yields a bigger benefit (and a partial refund).

The LLC is typically a fallback once AOTC isn’t available (like for graduate school or a 5th year of undergrad). It’s also useful for students taking lighter course loads or those pursuing non-degree courses.

Here’s a quick comparison of these two credits:

Claiming the credits: To claim either credit, file IRS Form 8863 (Education Credits) with your tax return. Your school’s Form 1098-T will report tuition and fee amounts, but you may need to adjust those numbers. For AOTC, add any required books or equipment you bought separately. You’ll also enter the school’s Employer Identification Number (EIN) on Form 8863 (found on the 1098-T). The form calculates your credit and applies any income phase-outs automatically.

One student, one credit: If you have two students in college, you could claim AOTC for one student and LLC for the other in the same year – you just can’t double up credits on the same student. Also, you cannot claim a credit for any expense that was already covered by another tax benefit. For example, if tuition was paid by a tax-free scholarship or a 529 plan distribution, you must subtract that amount when determining the expenses eligible for AOTC/LLC. The IRS won’t let you double-dip by getting both a tax-free scholarship and a tax credit for the same expense.

The (Expired) Tuition and Fees Deduction

Until 2020, there was an above-the-line Tuition and Fees Deduction that allowed some taxpayers to deduct up to $4,000 of college expenses instead of claiming a credit. This federal deduction expired after 2020 and is no longer available for current tax years.

Now taxpayers must rely on credits for tuition tax relief. The rationale is that the credits generally provide a bigger benefit than a deduction did. If your income is too high for AOTC or LLC, you unfortunately lose out since the deduction is gone. (Some states, as discussed later, still allow a tuition deduction or credit on their state income tax.)

Student Loan Interest Deduction: Tax Relief After Graduation

Even if tuition itself isn’t deductible, the tax code offers a break once you start repaying student loans. The Student Loan Interest Deduction lets you deduct up to $2,500 per year in interest paid on qualified student loans. This is an above-the-line deduction, meaning you can claim it even if you don’t itemize deductions.

Key points about the student loan interest deduction:

• Eligible loans: The loan must have been taken out solely to pay qualified education expenses for an eligible student (yourself, your spouse, or your dependent). It covers federal or private student loans, as well as parent PLUS loans.

• Who can claim it? The person legally obligated to pay the interest (the loan borrower) can claim the deduction, as long as they are not claimed as a dependent by someone else. If you are repaying your own student loans, you take the deduction. If a parent took out a loan and is repaying it, the parent gets the deduction.

• Income phase-out: The deduction is reduced if your MAGI is above a certain threshold. For example, for 2025 the deduction starts to phase out around $80,000 MAGI for single filers (about $160,000 for joint filers), and you cannot claim it at MAGI of $95,000 or more ($195,000 for joint). These limits adjust periodically, so check the current IRS guidelines each year.

• No double benefit: If you’re deducting student loan interest, you can’t also count that interest as an “education expense” for any credit (interest isn’t a qualified expense for credits anyway). Also, if your employer helped pay your student loan interest under a tax-free program, you can’t deduct that portion. Essentially, any interest you deduct must be interest you personally paid with after-tax dollars.

This deduction can save a few hundred dollars in taxes. For instance, a $2,500 deduction might save about $600 if you’re in the 24% tax bracket. It also lowers your adjusted gross income (AGI), which could indirectly help you qualify for other tax benefits.

Education Tax Benefits for Parents, Students, and Guardians

Who gets to claim the tuition credit or deduction? This can be a confusing point for families. Generally, the person who claims the student as a dependent on their tax return is the one entitled to claim education tax credits for that student. In practical terms:

• If parents claim their college student as a dependent, the parents get to claim the AOTC or LLC on their tax return (assuming they meet the income requirements). It doesn’t matter whether the student or the parent actually paid the tuition – if the student is a dependent, the IRS treats it as though the parent paid it. The parents get the credit, and the student cannot claim it on their own return.

• If the student is not claimed as a dependent by anyone (for example, an independent student supporting themselves), then the student can claim the credit on their own tax return. This is common for graduate students or older undergraduates who no longer qualify as dependents. The student will use their own income and tax to determine the benefit. (Even if the student’s income is low, the AOTC’s refundable portion can still give them up to $1,000 back.)

• Parents above the income limit: If the parents’ income is too high to qualify for the credits, and the student has modest income, families often wonder if the student should file independently to claim the credit. Important: If the student could be claimed as a dependent by the parents (even if the parents don’t actually claim them), the student cannot take the AOTC or LLC on their own return. The IRS rules prevent simply shifting the credit to the student when the parents are ineligible. In these cases, the credit is lost entirely. High-income families should consider other strategies (like state 529 plans or employer assistance) since the federal credits won’t be available to them.

Multiple students in college: If multiple family members are in college, you can claim a separate AOTC for each eligible student (subject to income limits). However, the Lifetime Learning Credit has a single $2,000 cap per tax return no matter how many students on that return.

You can also mix and match credits: for example, claim AOTC for one child and LLC for another in the same year if that maximizes your benefit.

Guardians and others: If someone other than the parent (like a grandparent or legal guardian) claims the student as a dependent, that person can claim the education credits, provided all other requirements are met. The key is that the student must be listed as their dependent. The IRS doesn’t restrict credits to just parents – any taxpayer who is eligible to claim the student can potentially claim the credit.

Tax Benefits for Employer-Paid Education (Employees and Businesses)

Education tax incentives aren’t just for individual filers – there are also provisions for employers and employees:

• Employer Educational Assistance (Section 127): Employers can provide up to $5,250 per year for an employee’s education (undergraduate or graduate courses) as a tax-free benefit. The employee doesn’t pay tax on this help (and thus can’t claim a credit for those expenses), and the employer can deduct the cost as a business expense.

• Student loan repayment help: Through 2025, Section 127 also lets employers contribute toward employees’ student loan payments (counting toward the same $5,250 annual limit). This COVID-era provision, unless extended, expires after 2025.

• Job-related education (fringe benefit): Employers can also pay for training related to your current job and not count it as income to you (a “working condition fringe”). The course must maintain or improve skills for your present work and not qualify you for a new profession. If that test is met, the benefit is tax-free for you (no specific dollar cap) and the employer deducts it as a business expense.

• Self-employed business owners: You can deduct education costs as a business expense if they maintain or improve skills in your current business (or are required in your field). But you cannot deduct education that qualifies you for a new trade or career. Courts often disallow things like law school or an MBA if it’s essentially preparation for a new career, rather than enhancing your existing role. Always ensure the education is closely tied to your present business duties to claim it as a deduction.

(For self-employed individuals, education expenses are usually deducted on Schedule C or as a corporate business expense. Make sure to keep detailed records of how the education relates to your existing business in case the IRS questions it.)

Employees paying out-of-pocket: Note that if you’re an employee who pays for your own job-related courses and your employer doesn’t reimburse you, you generally cannot deduct those expenses on your personal return. (The old unreimbursed employee education deduction was eliminated in 2018 for most filers.) Your best option is to use the Lifetime Learning Credit if you qualify, or ask your employer about setting up a Section 127 plan.

State-Level Tax Benefits for College Expenses

In addition to federal tax breaks, many states offer their own tax benefits for education expenses or college savings. State tax laws vary, but here are some common state-level perks:

• State tuition breaks: Some states let you deduct or credit tuition on your state return. For example, New York offers a tuition credit up to $400 (or a deduction up to $10,000 of undergrad tuition) regardless of any federal credit. Each state is different – check your state’s tax rules for college tuition benefits.

• 529 plan tax breaks: Many states (over 30) let you deduct or credit contributions to a 529 college savings plan on your state taxes. 529 plans grow tax-free and withdrawals for education (tuition, fees, books, even room & board for half-time students) are tax-free. So while you can’t deduct tuition directly, paying via a 529 can yield state tax savings and tax-free use of funds.

• Other state incentives: A few states offer unique credits (for example, for donating to scholarship funds or hiring apprentices). These are not directly about deducting tuition but can indirectly support education efforts. Check your state’s tax website for any special programs.

Remember that a state tax benefit will reduce your state income tax, not your federal tax. But it’s still valuable. For instance, a $10,000 tuition deduction on your state return might save you a few hundred dollars in state tax, depending on your state’s tax rate. Always consider both federal and state tax angles when planning college payments.

Pitfalls and Common Mistakes to Avoid

Navigating education tax benefits can be tricky. Here are some common mistakes and how to avoid them:

• Double-dipping on expenses: You cannot use the same expense for more than one tax benefit. For example, if tuition is covered by a tax-free scholarship or 529 plan, you cannot also claim a credit for that amount. Allocate expenses so that credit-eligible costs remain uncovered by other tax-free funds.

• Claiming the wrong person’s expenses: Make sure the correct taxpayer claims the credit. If a parent claims a student as a dependent, only the parent (not the student) should claim the credit for that student’s tuition. Sometimes students mistakenly try to claim the credit when their parents also claim them as dependent – this will cause an IRS rejection or audit. Coordinate with your family so only one return claims the education credit for a given student.

• Missing Form 8863 or school info: When claiming AOTC, you must include the school’s Employer Identification Number (EIN) on Form 8863 (this is printed on Form 1098-T). Forgetting to include Form 8863 or the required info is a common error that can delay your refund. Always use the Form 1098-T your school provided to fill in these details, and keep it for your records.

• Not accounting for scholarships/grants: Tax-free scholarships and grants reduce the expenses you can claim for a credit. For example, if $6,000 of a $10,000 tuition bill was covered by scholarships, only the remaining $4,000 is eligible for the credit. (Advanced tip: In certain cases you could report a scholarship as taxable to free up more expenses for a credit, but do so only with careful planning.)

• Ignoring income phase-outs: Some people try to claim the credits even though their income is above the limit – the IRS will disallow it. If your income is near the threshold, be mindful when things like a year-end bonus could push you over. There’s not much you can do once you exceed the limit (apart from perhaps using a 529 plan for a state benefit instead, or having the student take a year off the parents’ return if truly independent).

• Forgetting the four-year limit (AOTC): If your child took five years to finish undergrad, remember that you can only claim AOTC for four tax years. If you erroneously try for a fifth year, the IRS will reject it. At that point, switch to the Lifetime Learning Credit for any additional years.

• Losing receipts and documentation: While you generally just need the 1098-T to claim the credit, it’s wise to keep receipts for books, supplies, equipment, and any other claims. The IRS can ask for verification of those expenses. Also keep records of how much of your 529 withdrawals you used for various expenses, and any reimbursement statements if your employer paid some fees. Good record-keeping can protect you in case of an audit.

Real-World Examples

To make these rules more concrete, let’s look at a few scenarios:

1. Undergraduate with Parental Support: Jane is a sophomore at a university, and her parents pay $20,000 in tuition for 2025. Jane’s school sends a 1098-T showing $20,000 paid and $5,000 in scholarships. Jane is a dependent on her parents’ tax return. Her parents can claim the AOTC, using $15,000 of out-of-pocket tuition (after subtracting the scholarship). They get a $2,500 credit on their tax return.
   The remaining tuition beyond $4,000 doesn’t directly produce a tax credit or deduction, but it’s covered partly by the scholarship and the rest they pay out-of-pocket. Jane cannot claim anything on her own return, because her parents are claiming her.

2. Graduate Student Claiming Own Credit: Carlos is a graduate student pursuing a master’s degree. He’s not a dependent of his parents (he’s 26 and financially independent). He pays $6,000 in tuition for 2025. He has a part-time job and owes some taxes, so he claims the Lifetime Learning Credit on his tax return. His LLC equals 20% of $6,000, so he gets a $1,200 reduction in his taxes.
   If Carlos had very low income and zero tax liability, the LLC wouldn’t give him a refund (since it’s non-refundable). In that case, he might carry the credit forward or simply not benefit from it. But because he has some tax to offset, the $1,200 credit effectively reduces his tax bill dollar-for-dollar.

3. High-Income Family (Credit Unavailable): The Lee family has a college freshman, but the parents earn $250,000 a year – above the AOTC/LLC income limits. They still pay the tuition and get a 1098-T, but they cannot claim any federal education credit due to income phase-out. They also can’t shift the credit to their daughter because she qualifies as their dependent (and even if they don’t claim her, she isn’t allowed to take the credit because she could be claimed by them).
   The Lees decide to take advantage of their state’s 529 plan. They contribute to the 529, then use it to pay the tuition. This gives them a state income tax deduction for the contribution (saving a few hundred dollars on their state taxes) and makes the earnings/withdrawals tax-free. It’s not as valuable as the AOTC would have been, but it’s something. They also ensure they’re maximizing any other avenues (like employer tuition benefits or scholarships) since the federal credits aren’t on the table for them.

4. Employer-Supported Education: Danielle’s employer has a tuition assistance benefit under Section 127. In 2025, her company pays $5,250 for her to take job-related college courses at night. Danielle also pays $1,000 out-of-pocket for additional course fees beyond the covered amount. The $5,250 from her job is tax-free to Danielle (not in her W-2 income), and she cannot claim any credit for that portion. She can, however, claim the Lifetime Learning Credit on the $1,000 she paid herself, giving her a $200 tax credit.
   Had her employer covered the full cost of tuition, Danielle wouldn’t claim a credit at all – but she also wouldn’t pay tax on the education benefit, which is a significant savings in itself. This example shows how employer programs and individual credits can sometimes be used in tandem, but you always have to separate which expenses are covered by which benefit.

5. Self-Employed Professional Development: Ella is a self-employed graphic designer. She enrolls in an advanced digital design course at a local college to improve her skills for her business. The course costs $2,000. Ella cannot use AOTC or LLC (she already used up AOTC in undergrad, and her income is above LLC’s limit). Instead, she deducts the $2,000 as a business expense on Schedule C. This directly reduces her business’s taxable income and self-employment tax.
   Because the course is clearly related to maintaining and improving her existing design skills, it meets the IRS criteria for a deductible business education expense. If, however, Ella had chosen to pursue a degree in a completely new field (say a real estate license), those costs would not be deductible as a business expense since they would qualify her for a new profession. Ella kept detailed receipts and notes on how the design course relates to her current business in case of any IRS questions.

Each situation is different, but these examples show how understanding the rules can help you optimize who claims what and how to combine benefits when possible.

Pros and Cons of Education Tax Benefits

Every tax benefit comes with advantages and trade-offs. Here’s a summary of the pros and cons of various education tax incentives:

Overall, education tax benefits can significantly defray the cost of college, but they require careful planning to maximize. For many families, they are an essential part of affording higher education – but you must follow the rules closely to avoid losing out.

Frequently Asked Questions (FAQ)

Q: Is college tuition directly tax deductible on my return?
A: No. Tuition and university fees aren’t directly deductible on federal taxes as of 2025. Instead, you can claim education tax credits (like the AOTC or LLC) if you meet the requirements.

Q: Are textbooks or laptops for college tax deductible?
A: Yes, but only under specific conditions. If you’re eligible for the American Opportunity Credit, you can include required textbooks and a necessary laptop as part of the credit. There’s no separate deduction otherwise.

Q: Can I deduct room and board expenses for my college student?
A: No. Costs like dorm fees, rent, and meal plans are not tax deductible and don’t qualify for education credits. However, 529 plan withdrawals can cover room and board tax-free if used for an eligible student.

Q: Can graduate students get a tax credit for tuition?
A: Yes. Graduate or professional students can use the Lifetime Learning Credit (up to $2,000 non-refundable credit) if they qualify by income. The American Opportunity Credit isn’t available for grad school or beyond the first four years.

Q: Can parents claim a tax break for their child’s college tuition?
A: Yes. If you claim your child as a dependent, you can claim education credits for their tuition, provided you meet the income limits. The credit (AOTC or LLC) goes on the parent’s tax return, not the student’s.

Q: If parents don’t claim a student, can the student claim the credit?
A: Yes, but only if the student is truly independent. If the student qualifies as your dependent (even if you don’t actually claim them), then they cannot take the education credit on their own return.

Q: Can I claim both the AOTC and LLC in the same year?
A: Yes, but not for the same student. You may claim AOTC for one student and LLC for a different student in the same tax year. No single student can have more than one education credit in a given year.

Q: Is interest paid on student loans tax deductible?
A: Yes. You can deduct up to $2,500 of student loan interest per year as an above-the-line deduction, if your income is below the phase-out range. This deduction is taken on your Form 1040 without itemizing.

Q: What IRS publication covers these education tax rules?
A: IRS Publication 970 (“Tax Benefits for Education”) is the go-to guide. It details all the credits, deductions, income limits, and special cases each year, and is a helpful resource for understanding the fine print.