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The loan must be taken out solely to pay for qualified education expenses for you, your spouse, or a dependent.

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Related Questions

Can I deduct student loan interest in 2018 on my taxes?

Yes, you can deduct student loan interest on your taxes in 2018, up to a certain limit.


What is the maximum amount of student loan interest that can be deducted for the 2018 tax year?

For the 2018 tax year, the maximum amount of student loan interest that can be deducted is 2,500.


What is the maximum amount of student loan interest that can be deducted on taxes for the year 2018?

The maximum amount of student loan interest that can be deducted on taxes for the year 2018 is 2,500.


What is the maximum amount of the 2018 student loan interest deduction that can be claimed on my taxes?

The maximum amount of student loan interest deduction you can claim on your taxes for the year 2018 is 2,500.


If you cosign a student loan can you deduct the interest if the first party does not?

http://www.ird.gov.hk/eng/faq/ctr.htm#item5 I doubt it.


Can you deduct interest from a signature loan?

"Personal" interest is NOT deductible.


Can I deduct interest on a personal loan used for home improvements?

no


Is there a no interest student loan?

no


Do you have to pay taxes on your federal student loan?

No, fed student loans are not income. Unless I'm forgetting something, you get to deduct the interest paid on the loan as you're paying it off. They should send out a 1098 to report that when applicable. That's the only tax implication...


What does a student loan consolidation interest rate determine?

A student loan consolidation interest rate determines the amount of your monthly payment on your student loan. Higher interest rates would result in higher monthly payments.


What is a subsidized loan?

A subsidized student loan is a loan in which the interest payments are subsidized. In general terms there is no interest added to the loan until it comes due for payment. A non-subsidized loan requires interest payments during the time a student is in school


Where can I find information about student loan interest rates?

Student loan interest rates tend to vary depending on the type of loan. More information is provided by American Student Assistance, which can be found at www.asa.org.