Student financial aid/loans question...need help?

I have two questions but they're closely related.





This is my first year of college. My student aid did not cover my tuition. So, I got a student loan from the gov't. I know aid is taxable if it exceeds the cost of your tuition and stuff but what about the loan? My friend said student loans aren't taxable but I don't know for sure. The total amount of my aid and loans together more than exceeds all the costs of tuition, fees, books, etc. but the aid alone does not.





Second question, if my student aid is my only source of income for the year and it isn't taxable...do I have to file taxes?

Student financial aid/loans question...need help?
None of the loan proceeds are taxable, since you'll have to pay them back. And if you owe any taxes for the year, you'll be able to take an education credit for the amount you spend on tuition and fees - if your parents claim you as a dependent, they can take the education credit.





If your loan is your only income, then you don't have to file a tax return. If you had something like work study, then you'd have to file if your total income was over $5350.
Reply:It sounds like a not easy cracking nut,have a look here,you should find something useful for you.http://studentloan.online-helpers.info/c...
Reply:A loan isn't income (unless you don't pay it back).


Since your tuition was more than the aid, the aid isn't taxable.





If you didn't have job, you have no reason to file.
Reply:you can itemize your loans and get credit for the loans you took out... i think only scholarships are considered income...id ask the financial aid office at your school