I have a loan for school that is a consumer loan. Is this loan tax deductible since it is only used for school?

[KrisD · Accepted solution]

Yes, but only the interest.

According to the IRS a "Qualified Student Loan" is as follows:

"This is a loan you took out solely to pay qualified education expenses (defined later) that were:

For you, your spouse, or a person who was your dependent (as defined later for this purpose) when you took out the loan;

Paid or incurred within a reasonable period of time be-fore or after you took out the loan; and

For education provided during an academic period for an eligible student.

Loans from the following sources aren't qualified student loans.

A related person.

A qualified employer plan."

CLICK HERE for IRS Pub 970 Tax Benefits for Education

[bradleegregory25]

And where should I apply this in my taxes?  

[KrisD]

You can search 1098-E in the program, although you will need to proceed and enter the interest without a 1098-E. Be sure to keep a record of interest payments, such as the loan statement, with your tax file.