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New Member
posted Jan 25, 2025 6:33:42 AM

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

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

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2 Best answers
Level 15
Jan 25, 2025 6:36:30 AM

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.

Level 15
Jan 25, 2025 6:49:38 AM

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

 

2 Replies
Level 15
Jan 25, 2025 6:36:30 AM

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.

Level 15
Jan 25, 2025 6:49:38 AM

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