SL interest paid by dependent student

Paying for College
1

<p>S will be claimed as dependent on my return. He will also be filing his own return. He paid off some SL the past year including some accrued interest. Can either of us claim that interest portion on our return?</p>

<p>Thanks.</p>

2

<p>Chapter 4 of IRS Pub. 970 should tell you everything you need to know: <a href=“http://www.irs.gov/pub/irs-pdf/p970.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;&lt;/p&gt;

3

<p>Page 33 of the above mentioned publication details who is eligible to claim student loan interest. If your child is claimed as your dependent, he cannot claim the the interest. You, as his parent, can only claim the interest if you are legally obligated to pay the interest. In other words, if you are talking about Direct Student loans or Stafford loans which are taken out in only the student’s name and that student is your dependent, neither of you can claim the interest.</p>

4

<p>Thank you.</p>