I have a UK Student Loans Company loan that I am currently paying off, and am trying to see if I qualify for the interest deduction.
I have checked and the institutions I attended in the UK are all federally recognized with FAFSA numbers. The loan was used for qualified educational expenses, I am not claimed as a dependent, we are married filing jointly, and our MAGI is under the threshold; so I think the interest should qualify. However as the loan originates in the UK I will not get a 1098-E but I have requested a statement showing interest accrued for 2015.
- Will the statement be sufficient evidence to claim the deduction?
- If so, how do I figure the value of the interest in USD? Is there a standard exchange rate I need to use?
