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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Deduction of Student Loan interest, did I lose the deduction?

Deduction of Student Loan interest, did I lose the deduction?

My daughter and I refinanced her current student loan into a seperate private loan with a much better rate. However, is this new loan considered still a studen loan? By all appearanced on the outside of this, it is just a plain jane loan. I don’t get a 1098-E, or anything. So while I got a much better rate, did I lose the “student loan” status? I think I just inadvertantly lost a great deduction. Thanks

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One Response to "Deduction of Student Loan interest, did I lose the deduction?"

  1. doreen k says:
    There are four requirements to deducting student loan interest:

    The taxpayer must have paid interest on a qualified student loan for the year. A qualified student loan is any loan the taxpayer took out to pay for higher education expenses of themselves or a dependent. Since your new loan is a consolidation loan, it probably does not meet the definition of a qualified student loan.

    The taxpayer’s filing status must not be married filing separately.

    The deduction is subject to income restrictions.

    The taxpayer or the taxpayer’s spouse may not be claimed as a dependent on someone else’s tax return.

    You may still be able to deduct your daughter’s higher educational expenses. But probably not the loan interest.

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