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How is it possible to deduct more than just interest on student loans?

Aug 19, 2009
Financial Aid
MIDegn asked:


I have 160k students Sallie Mae loans. I know I can deduct the interest, but how could one deduct the entire paid off loans? Could one do it through an LLC as an education expense, or perhaps pay cash for a piece of property, then take a loan against the property to pay off the loan? How could I possibly deduct the entire loan?

Rose
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2 Comments

  1. KyFADirector  •  Aug 20, 2009 @5:29 am

    Joseph

    While you are in school you are allowed to deduct the tution expenses you borrowed the student loan for so you might call your tax guy to see if you qualified and took that deduction while you were in school and if not if you can go back and ammend your tax return.

  2. pete09301971  •  Aug 20, 2009 @5:58 pm

    Amber

    This site should help you

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