Is student loan repayment tax deductible?
I repaid all student loan during grace period so I didn’t pay any loan interest. I wonder if I can itemize it in my tax return. Is it tax deductible?
Only interest is. I deducted loan interest for a while. You will get a tax statement from whomever your loan is through telling you what you paid in interest and what you can deduct. If you didn’t pay interest, you cannot deduct. THIS IS A FACT. Paying it off quickly is better than the tax advantage you get though. This is also a fact. You did real good by paying it off. I was getting about 400 back in taxes for every 800 i paid in interest. Again, you did good. No debt is a great thing.
