Stanford loan and taxes

[Texasmama]

<p>If tuition is paid with Stanford loan in the student’s name, can parents still claim the tuition deduction on their taxes or is it then considered the student’s expense?</p>

[swimcatsmom]

<p>I think yes for the Hope tax credit. If you still claim your student as a deduction on your taxes the tuition is considered to be paid by you. From
<a href=“http://www.irs.gov/pub/irs-pdf/p970.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;
page 8 (for Hope tax credit)</p>

<p>

Note. Qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you.

</p>

<p>and page 9

Paid with borrowed funds. You can claim a Hope credit for qualified education expenses paid with a loan.

</p>

<p>But for the tuition and fees deduction perhaps not according to the chart on page 32.</p>

[Texasmama]

<p>Thanks, swimcatsmom. And I meant Stafford and not Stanford. Wishful thinking, perhaps.</p>