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Tax advice on my school credit?

I heard that I could claim my student loans on my taxes, however how does that work? Do I claim the accrued interest? Mine is like $700.00, however I am still in school and have not made a payment towards my loans at all. Is there anyone that can give me advice on this?


Asked by Anonymous at 4:04 PM on Feb. 6, 2009 in Money & Work

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Answers (2)
  • You can only deduct the amount of student loan interest you pay which will come from your loan company statement. However, if you are in school and pay tuition, you should receive a statement from that institution that you can use for your taxes as well, by either the Education or Lifetime Learning credit. But again, anything you can claim/deduct should come as a statement to you.

    Answer by L_Bass at 5:41 PM on Feb. 6, 2009

  • You can only get a deduction for interest PAID on student loans, so until you're out of school and making regular payments, you can't do this. The loan company will send you a statement each year at tax time (after you're making payments) telling you the amount that you can put on your taxes.

    Answer by Anonymous at 4:12 PM on Feb. 6, 2009

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