Student loan?

I am enrolled in College for my Masters. Even though my student loan is deferred I still pay towards the interest monthly on the student loan that I took out when I was obtaining my Bachelors. How does the student loan and interest paid work? do I claim this on my income tax? I recieved a form from the school saying something about paying 7,769...but that wasnt out of pocket..everything is through student loan to I still use this form....do I also claim the interest I have paid thus far?


Does this mean I will get money back or owe ?

Student loan?
I have had loans through my whole academic career and I do claim the interest on my taxes. You can also claim some of your tuition fees as a credit. Although this was not money out of your pocket, it is your LOAN and it will have to be paid back by YOU, so it really is your money.





Go to the IRS page and do a search for school-related credits and taxes.





You will more than likely get money back. I have never owed....
Reply:you can only claim what you actually paid. you should see a student loan interest deduction line on the first page of the 1040. it will help decrease your taxable income so you will owe less.