Are Student Loan Payments Tax Deductible?

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The tax deductibility of student loan payments depends on the amount of the student loan, the paid interest towards the loan and the amount of tuition and fees. Find out how student loans affect taxes with helpful information from a financial aid officer of a university in this free video on education.

Part of the Video Series: Federal Financial Aid
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Video Transcript

Hi my name is Brooke Kramer and I am the financial aid officer with Argosy University in Salt Lake City and today we are going to talk about are student loan payments tax deductible. And the answer is it depends. This very much depends on the amount of student loans you've taken out. The amount you've paid on in interest towards your loan and also how much you've had to pay in tuition and in fees. And pretty much other additional expenditures you've had to make. If you have specific questions on what you can do for tax deductions, I highly recommend you meet with your tax adviser and bring with you copies of how much you have in student loans currently and how much you are making in interest payments. A tax adviser can go over with you what different types of deductions are available to students as well as what you may qualify for. If you have additional questions regarding Pell Grant you can visit our website at www. argosy.edu.

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