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Question

Student loan taxable income?

Forum|Forum|4 years ago
March 25, 2022
3 replies
0 views

Hello,

If I used some of my federal student loan money to pay for room, board, and groceries, do I need to report this amount as taxable income on my tax return?

Employee

No. The money that you get from a loan is not taxable income, no matter what you use it for. You do not report the loan proceeds on your tax return.

Student loan is not income. You are liable to pay it back. It is a loan, not considered income.

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Employee

Scholarship money used for room, board, and groceries is taxable income. But, it's not the same for loan money. Money from loans is considered "your money" as you obligated to pay it back.