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Information on Tax Credits for Student Loans - The Bills.com Blog
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Information on Tax Credits for Student Loans
Monday, Mar 10, 2008
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.
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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
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
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