Vanessa A
Expert Alumni

Education

Who is your cosigner? In general, the person who makes the payment claims the interest.  

 

 If your cosigner is your parents and they were claiming you as a dependent when you took the loan out, they would be able to claim the student loan interest for the interest on the payments they made.  When you say voluntary payments, do you mean payments that were in excess of what was due?  Like paid down the loan balance when a payment wasn't due?  Or did they make an actual payment for you?  If they made payments because you were late on the payments or did not make the payments, then they would be able to claim the interest.  When you are late on a payment you are in default of the contract.  Although most student loans don't go into full default until 270 days of missed payments, it can still be considered a default if you are late. 

 

If this is the case, then you would need to Amend Your Return to claim the interest only on the payments you made.  They have every right to claim the interest on the payments they made. 

 

Student Loan Interest

 

If this was not your parent, then they would not be able to claim a deduction for the student loan interest

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