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brkdn0
February 13, 2020
Question

I paid off my son's student loan last year. It was originally a 5000.00 loan from a bank and I paid almost 9000.00, with interest. Can I claim any of this?

  • February 13, 2020
  • 1 reply
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1 reply

Hal_Al
Hal_Al
Employee
February 13, 2020

No, unless you are on the loan either as principal borrower or co-signer.  Then you can deduct the interest you paid.

 

If the loan is only  in your son's name, he can deduct the interest you paid (assuming he's not still your dependent), under the theory that your paying it was a gift to him.

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