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As the question says – I have federal loans that are in deferment currently (not being paid and interest accruing) – and I’m currently paying only interest on my private loans…does that amount that I’m paying per month count as interest paid to a student loan for tax reasons? I know that my loan company will send me a 1098 eventually but I’m trying to estimate now and this is my first year doing this.

Thanks!

2 Thoughts on Does a private student loan count for tax purposes (claiming interest paid)?
  1. Reply
    tro
    February 16, 2014 at 7:22 am

    you will be notified of the amount of interest you can claim(form 1098) on the student loan
    any other loan other than a mortgage interest on you home is not deductible

  2. Reply
    Patri
    February 16, 2014 at 8:18 am

    College is extremely expensive–and that’s putting it mildly. Parents of incoming college freshman usually balk and cringe at how much tuition fees cost: any amount upwards of $ 30,000 per semester is definitely not an exaggeration. This is exactly why everyone has to come up with a way to make more money in order to pay for tuition as well as other expenses–and there will be more of those.

    http://www.quickloans.we.bs/

    One way to ease the load of the college tuition fees is by taking out a private student loan. There are subsidized federal student loans, of course, which have the advantage of having a lower interest rate shouldered by the government up to six months after you have graduated, but some federal programs have not increased the allowed loan amounts since 1992, and won’t be able to keep up with the current expenses.

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