Student Loan Interest Federal Income Tax Deduction
Following the enactment of the Tax Reform Act of 1997, student loan borrowers may be eligible to deduct interest paid on student loans during the first five years of their repayment. Borrowers who have paid more than $600 interest in a tax year on a loan held by Bowdoin College will receive an IRS Form 1098-E from Campus Partners. The form states the amount of interest that was paid during the tax year. The data on the form is also reported to the IRS. If you have any questions about the 1098-E, or if you did not receive one, please contact Carol Trottier, Student Loan Representative, or Campus Partners.
A full explanation of education tax benefits can be found in the IRS Publication 970, Tax Benefits for Education, which is available on the IRS web site or by calling 1-800-829-3676 (1-800-TAX-FORM). Whether a taxpayer may take advantage of these benefits depends on a taxpayer's individual facts and circumstances. Neither Bowdoin College nor Campus Partners can provide legal or tax advice.