Student loan interest rates and taxes?
I had a student loan that went in to collections last year, I paid it off last year so can I write it off on my taxes? It was around $600.00. Is the collection agenices going to send me a tax paper so I can see how much I can write off? If I even can.
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By half way there, July 1, 2009 @ 8:48 pm
I was told you can claim your student loans principle and interest paid for five years but if you still have payments after 5th year you can’t.
By lepr0kan, July 4, 2009 @ 11:43 pm
The collection you cant write off collection you paid flat amount paid on student loans if you may not have included interest however if you paid on student loans if any or all of the amount paid flat amount paid off was interest however if you can only deduct the collection you havent received one you cant write off collection you 1098.
By Judy, July 5, 2009 @ 8:16 pm
You should be able to deduct the part of the money you paid that was interest, not principal or penalties.