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March 21, 2022
Question

I'm a cosigner on my sons school loans. He is still in school and I have been paying the interest every year. Why am I not allowed to take the credit?

  • March 21, 2022
  • 1 reply
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1 reply

Hal_Al
Employee
March 21, 2022

Are you asking about the tuition credit or the student loan interest deduction (not credit)?

 

To claim the tuition credit, the student must be your dependent.  Just paying his tuition, whether by loan, or out of pocket, is not enough. 

 

To claim the student loan interest deduction, the student must be your dependent or must have been your dependent when the loan money was used for school.  This is in addition to you actually paying the interest.