Financial Answer Center
Education Tax Incentives
- American Opportunity Tax Credit (AOC)
- The Lifetime Learning Credit
- Deduction for Student Loan Interest
Deduction for Student Loan Interest
Qualified education loans can be used for expenses including tuition, fees, and room and board, but must be reduced by any tax-free educational benefit.
IMPORTANT NOTE: If you can be claimed as a dependent on another person's tax return, you may not claim the interest deduction for that year.
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