Cindy16


My husband and I have around 30K student loan, interest is about 8%.
Right now we are paying monthly payment, sometimes pays extra in the good days, and hoping to pay it off sometime in the next 5-6 years.
But another hand, because student loan could be one of the income tax deductible, so we are not sure if we should keep the student loan as long as it takes and just pay minimum each month.
Which way actually save us money?
Use student loan as deductible each years or pay it off as soon as we can?

galaxyy


I have Canadian (government) student loans (in Canadian dollars) which I am still paying back from my Canadian bank account whilst I live and work in the US. Can I claim my student loan interest on my US taxes?
Also do I claim the amount in Canadian dollars?

msphenom83


The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.

MLE


I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?

little buddy


I paid off my entire defaulted student loan at the beginning of this month. I even received a paid in full letter. But today I just got a letter from the IRS that my $600 was applied to that loan by offset!! Apparently there wasn’t enough time between when I paid off the loan and then getting my rebate. I just tried to call the Missouri Department of Education, which my loan is through, but they are closed for the day. Does anyone know if I can get my $600 back???

Andrew M


My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.

German


I was supposed to get close to $700 back from taxes when working last summer, but I have had a scholarship for college which pays for tuition only… and now it says that I owe a few hundred dollars. Does having a scholarship in college which pays for my tuition not tax deductable? I don’t really understand taxes very well, but I wouldn’t think me going to college would change me getting a lot of money back to me owing a lot of money… just because of school. If anyone can let me know what to do, then that would be awesome. Thanks!

AG


I know that student loan interest can be deducted.

My student loans are all either in deferment or forbearance. I’m accruing interest on some of them, but I haven’t actually paid any interest yet. Can I deduct the interest that accrued?

Thanks!