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    raja_27's Avatar
    raja_27 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 23, 2009, 08:57 AM
    StudenT loan Deduction
    Hi,

    I've taken a student loan from a bank in India. I paid about 105,000 as interest between Jan 1st 2008 and Dec 31st 2008. Can I claim a deduction on this? I don't have any 1098-E as it is a bank in India. Can I avail this deduction? If yes, what documents do I need?

    Thanks,
    Raj
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 22, 2009, 12:20 PM
    Raj:

    You CAN claim the interest if the loan was used ONLY for qualified education expenses. If you used the loan to pay travel expenses or living expenses, then you do NOT qualify.

    If the loan was used ONLY for tuition and fees, then it does qualify.

    If you are qualified, then get a statement from the bank as to how much you paid in interest.
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