What do I do to get credit?
There is no education credit or deduction for paying off your loan. You claim the education credit or deduction at the time the loan money was used to pay tuition and other qualified expenses.
You are allowed to deduct the interest you pay, each year (up to $2500). The deduction is technically an adjustment to income, meaning you get the deduction even if you don't itemized deductions. That is, the student loan interest deduction is in addition to the standard deduction.
The loan company is required to issue a form 1099-E, showing the interest you paid for 2019. But, you can use your own records if you don't have one. There's a possibility that you didn't pay any interest, if DOE accepted a settlement that was less that what was owed.
