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Tax benefits for college education can be deducted only in the amount of the tuition and fees paid, not for loan money used for room and board and most cases not for books. If the student has government grants and scholarships that pay part or all of the tuition, these funds have to be used for tuition. Then the amount available for tax rebate is only what is left from the tuition bill and the other 2/3 of the loan goes for room, board and living expenses which have no tax rebate.

2007-07-11 02:54:59
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