Your school loans are not income as you are required to repay them
However, you should deduct all Qualified Education Expenses financed by the loan.
To enter educational expenses (and financial aid):
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Scroll down to Education
- On Expenses and Scholarships (Form 1098-T), click the start or update button