Is there a way I can get a deduction for paying off loans on which I was a cosigner?

[jcnoel]

I rec'd a 1098E for the interest portion, but I make too much to get a deduction for that.

[xmasbaby0 · Accepted solution]

No.     The only deduction you get for a student loan is for payment of interest on the loan.  There is no deduction for paying off the principal.

[Hal_Al · Accepted solution]

The answer to the poster's question is No. 

For others reading this, a related question is: Can I deduct student loan interest I paid on my child's education loan?

You can claim the interest deduction, if you meet the three requirements:

1. You actually paid the interest
2. You are legally obligated to pay it (co-signing counts)
3. The student was your dependent, at the time the loan was used to pay for qualified educational expenses