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No, that would be a personal expense. The loan was not taxable to you when you received it (neither are life insurance proceeds); therefore, you would not get a deduction for the related interest.
What if the loan was used exclusively to pay for education expenses? Would that, then, be deductible?
It depends. If you have a federally funded student loan, you may qualify to deduct up to $2,500 of interest on your tax return each year. You must meet the following criteria to take the student loan deduction.
If your loan qualifies, you will receive a 1098-E Student Loan Interest Statement.
For instructions to enter a 1098-E, refer to the TurboTax Help article Where do I enter student loan interest (Form 1098-E)?
For more information, review the following articles About Student Loan Tax Deductions and Education Credits and What is Form 1098-E: Student Loan Interest Statement?
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