Tax Trails - Student Loan Interest
Qualified higher education expenses. These expenses are the costs of attending an eligible educational institution, including graduate school. Generally, these costs include tuition, fees, room and board, books, supplies, equipment and other necessary expenses (such as transportation). But you must reduce these costs by certain items. These items can be found in Chapter 4, Student Loan Interest Deduction, of Publication 970, Tax Benefits for Education.
Eligible educational institution. An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution that is eligible to participate in a student aid program administered by the Department of Education, or that is certified by the Department of Education as eligible to participate in such a program. It includes virtually all accredited, public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Eligible institutions include institutions that conduct an internship or residency program leading to a degree or certificate awarded by an institution, a hospital, or a health care facility that offers postgraduate training. The educational institution should be able to tell you if it is an eligible educational institution.
Were your loan proceeds used for any purposes other than qualified higher education expenses at an eligible educational institution?
