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kozares21
New Member

I started grad school in October 2023. I took out a full time loan including the cost of living. Are there any tax breaks for me?

 
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2 Replies
Hal_Al
Level 15

I started grad school in October 2023. I took out a full time loan including the cost of living. Are there any tax breaks for me?

There is a tuition credit, "the "Lifetime Learning Credit". It is 20% of tuition paid, up to $10K.  Paying tuition with loan money counts. 

But, it is a non refundable credit. It can only be used to reduce an actual tax liability. 

If you are their dependent, your parents get to claim it instead of you. 

AmyC
Expert Alumni

I started grad school in October 2023. I took out a full time loan including the cost of living. Are there any tax breaks for me?

The lifetime learning credit for tuition paid and student loan repayment if you made payments. See What education tax credits are available? and Topic No. 456, Student Loan Interest Deduction

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