Information on Tax Credits for Student Loans - The Bills.com Blog

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Information on Tax Credits for Student Loans

Question: I want to pay for my son's student loans. He is fully my dependent and goes to school full-time and has no income of his own. When he took out his first student loan, they told me we could deduct it even if it was in his name and we paid for it. Now I understand that is not true. Help

Answer: Your understanding is correct.If your son took the loans out in his name, he is responsible for the repayments and thus will earn tax credits if applicable. The key variable in your situation is whether the loans are federal or private. If the student loans are private, you can contact your bank/lender and see if there is a way to transfer ownership of the loans. If your main concern is receiving a tax credit, you may want to look

into paying the loans off with a new loan (unsecured loan. HELOC, etc.) in your name. The new loan in your name MAY have tax deductions for the interest accrued. Of course, you will want to consult with a tax professional before deciding.

If you want to apply for a loan, Bills.com makes it easy for you to apply. If you put in your information at Debt

Consolidation Quote , qualified lenders will get in touch with you to discuss your options.

For more information on student loans, please visit the student loan information page on Bills.com.

I hope the information provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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