Are Stafford Loans considered taxable income? If they were used to pay for qualified educational expenses?
>
>
>
>
>
>
>
>
>
Stafford loans
Apr 09, 2007
1 Replies
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.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required