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What do I do with Student loans in excess of educational cost?

MainelyPat
Level 1

Student has borrowed more than the cost of tuition, fees and books

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Just-Lisa-Now-
Level 15
Level 15

Student loans are not a part of the tax return.   They can do whatever they want to with the student loan money.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15

Student loans are not a part of the tax return.   They can do whatever they want to with the student loan money.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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IRonMaN
Level 15
Hopefully they used the money wisely and bought lottery tickets.  Winning a $250 million lottery is worth way more than a degree in art history.
ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
Just-Lisa-Now-
Level 15
Level 15
@MainelyPat  you're not trying to include student loan money as income, right?  or offset educational credits paid for with loans....if they paid for school with loans that's the same as paying by cash or check or credit card...it all qualifies for the educational credits.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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janetvidal
Level 1

Hi, even if the 1098 has a number in box 5 we should still leave it out? and only report the expense?