Are Stafford Loans considered taxable income? If they were used to pay for qualified educational expenses?
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- posted
17 years ago
Stafford loans
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- posted
17 years ago
Loan proceeds are not income. Paying the principle of a loan does not create a tax deduction. If the loan proceeds were used to pay qualified education expenses the student, or the person claiming the student as a dependent, may qualify for an education credit or a tuition deduction.