Feb
04
Can student loan interest be used as a tax deduction if the loans are in deferment/forbearance?
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I know that student loan interest can be deducted.
My student loans are all either in deferment or forbearance. I’m accruing interest on some of them, but I haven’t actually paid any interest yet. Can I deduct the interest that accrued?
Thanks!
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3 Comments
July 11th, 2009 at 9:44 pm
$0 paid, $0 deductible.
July 14th, 2009 at 3:19 am
You can only deduct interest that you actually PAID during the tax year, not the interest that is accruing. Sorry to be the bearer of bad news but you have to wait until you start making payments on the loans to be able to take a deduction for any of the interest.
July 16th, 2009 at 1:15 am
No, you can only deduct the interest when you actually pay it, not when it accrues