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July 16, 2020
Question

My student loan is from Canada so do I qualify for tax break from it ?

  • July 16, 2020
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1 reply

March 23, 2021

Yes if you student loan meets the qualifications. If you attended university in Canada it may not be deductible.

 

An eligible educational institution also includes certain educational institutions located outside the United States that are eligible to participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.

 

For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training.

 

An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. 

 

See Student Loan Interest Deduction in Publication 970 (2020), Tax Benefits for Education

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