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The new credit is currently available through 2017. The American Opportunity credit equals 100% of the first $2,000 of a studentâs qualified education expenses plus 25% of the next $2,000. The maximum annual credit is $2,500.
Rating Newest Oldest. Best Answer: Before the American Opportunity credit was the Hope credit. The 4 year limit applies to both the Hope and the American Opportunity. So if you used 3 years of the AOC and 1 year of the Hope credit, you have exhausted your 4 year limit. So yes a 2008 high school grad may well be ineligible for the AOC this year.