All of the following statements concerning educational funding are correct EXCEPT:

A$.$ The American Opportunity Tax Credit is a tax credit available for qualified tuition and enrollment fees incurred

in the first four years of post$-$secondary education for the taxpayer, spouse, or dependent.

B$.$ The Lifetime Learning Credit is a tax credit available for expenses paid for tuition and enrollment fees for

undergraduate, graduate or professional degree programs.

C$.$ Qualified education expenses, including tuition, fees, and room & board can be paid with Series EE and I

bonds allowing the interest earned to be excludable from taxable income.

D$.$ Factors used in calculating the SAI $($formerly the EFC$)$ include taxable and nontaxable income, assets, and

benefits, such as unemployment and Social Security.