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    amore01

    In The US, Are Government-sponsored School Loans Considered Taxable Income For The Recipient?

    I am particularly interested in school loans made for master's and Ph.D. Level education.

    asked 8 months ago

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    JackBauer

    Hi Amore, sorry, been gone for awhile. Good to be back! As for federally or bank sponsored loans for post-secondary education, they are not considered to be taxable income. Because they are expected to be paid back, the expenses they pay are considered to be paid in the year they are granted. That means any 1098t received will have qualified expenses (which are deductible as paid by you) minus any grants or scholarships. Any interest paid and reported on a 1098e is a deductible expense.

    answered 8 months ago   

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    JackBauer- thank you so very much for this answer. Very helpful and thorough, as usual.

    comment made by Amore01 8 months ago    Report

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