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Get your taxes done using TurboTax
Good day,
Congratulations on starting college!
There are many benefits that are available for college expenses.
Your ability to claim them will depend on whether you are claimed as a dependent on someone's (ie your parents) return. There are also different credits available depending on if you are an undergrad or grad student.
You can not deduct the student loans. When you start repaying them; you may be able to deduct the interest paid. In the meantime, expenses paid with student loans count as payments you made for credit purposes.
The computer and webcam may count as qualified education expenses if they were required by your course of study.
Here are two links that will give you more information about education credits: What are education tax credits and The lowdown on education tax breaks .
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