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Posted by Bill Brown on April 12, 2007, 12:25 am
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rsob...@gmail.com wrote:
> Are Stafford Loans considered taxable income? If they were
> used to pay for qualified educational expenses?
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.
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