If i am in repayment and did not take out any new student loans last year, should I put the total amount of loans I took out total to pay for college?
This is in response to the question:
Entire the total amount of qualified student loans used to pay for *** post secondary education - enter the original amount, not the remainder balances.
That question wants you to enter the total amount of loans you took out to pay for college. The amount you still owe or repaid is not relevant.
The amount of student debt that this credit is based on is limited to 5,000, so your state credit will be based on the lesser of 5,000 or the total amount of student loans you took out.
