Hey all I was told by a college financial advisor a couple years ago that by me taking out a stafford loan.. it is $2,700 that I would be able to claim something on my taxes and get a lot more of it back.. I no longer employ this person and never really got more information on it. I do have a stafford loan and am interested if there is a grant or a writeoff that can help pay that down like he was referring to.
2007-02-04 08:23:38 · 1 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The INTEREST you pay on some student loans is deductible (up to a limit), but you don't get it back. It just reduces the amount of tax you owe, so IF you overpaid (when you include all your itemized deductions), you'll get a refund.
As far as I know, the only programs available to "reduce" or "cancel" student loan debt are things like the GI Bill and Teach America.
2007-02-04 09:47:05 · answer #1 · answered by homeschoolmom 5 · 0⤊ 0⤋