Question

Can I claim exemption on student loan from a bank in India

I paid off a student loan from an Indian Bank last year. Can I claim tax benefit on that?

Employee

Per IRS; a Qualified Student Loan is:

This is a loan you took out solely to pay qualified education expenses (defined later) that were:

For you, your spouse, or a person who was your dependent when you took out the loan;

Paid or incurred within a reasonable period of time before or after you took out the loan; and

For education provided during an academic period for an eligible student.

Loans from the following sources aren't qualified student loans.

A related person

A qualified employer plan

If your loan qualifies as per the above you can deduct student loan interest paid in 2015, but not loan principal.

To report student loan interest in TurboTax:

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