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Taxes for Grads: Do Scholarships Count as Taxable Income?
Heading off to college to broaden your horizons is exciting, but funding your education via scholarships? That's even better. Scholarships often provide a path to education that might not be feasible otherwise, which is why the Internal Revenue Service (IRS) can be generous in minimizing students' tax obligations. But sometimes scholarship money does count as income, and it’s better to find out now if your scholarship adds to your tax liability than to have a surprise later. Here’s how to decode your scholarship taxation. Read more…

Tax Deductions for Voluntary Interest Payments on Student Loans
Most taxpayers who pay interest on student loans can take a tax deduction for the expense—and you can do this regardless of whether you itemize tax deductions on your return. The rules for claiming the deduction are the same whether the interest payments were required or voluntary. Read more…

What is Form 1098-E: Student Loan Interest Statement?
If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS. Read more…

Video: Guide to IRS Form 1098-T Tuition Statement
If you have education-related expenses, you may be eligible for an education credit or deduction. Watch this video to learn more about Form 1098-T Tuition Statement and qualifying education expenses. Read more…

Can Debt Forgiveness Cause a Student Loan Tax Bomb?
People who benefit from student loan forgiveness may be wondering about the tax consequences of this debt relief option, including a potential "student loan tax bomb." Your student loan repayment choice can prevent or cause this situation. Read more…


More College and Education Articles

What Is the IRS Form 8863? Information on 529 Plans Video: What Is a 529 Plan Contribution? Video: Tax Tips for Students Cash for College: Tax-Free 529 Plans What is a 1098-E: Student Loan Interest Can I Deduct My Computer for School on Taxes? Video: Top College Tax Deductions and Credits Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses Are Contributions to Nonprofit Schools Tax Deductible? What Is the Lifetime Learning Tax Credit? The Lowdown on Education Tax Breaks Are Contributions to School District Programs Tax Deductible? Sending Kids to College What Are Education Tax Credits? Video: What Is the Lifetime Learning Tax Credit? What Is the American Opportunity Tax Credit? Bigger, Better College Tax Credit How to Calculate Your Lifetime Learning Tax Credit on IRS Form 8863 Guide to IRS Form 1099-Q: Payments from Qualified Education Programs Learn About the New College Tax Credit About Student Loan Tax Deductions and Education Credits What Is IRS Form 8917? Are College Entrance Exams Tax Deductible? Guide to Tax Form 1098-T: Tuition Statement Deduction for Higher Education What is IRS Form 1099-Q? Tax Tips for New College Graduates How to Report FAFSA College Money on a Federal Tax Return Video: Tax Tips for Teachers What is the Educator Expense Tax Deduction? Do You Have to Claim Pell Grant Money on Your Taxes? Video: What Educational Expenses Are Tax Deductible? Take Advantage of Two Education Tax Credits Tax Tips When Sending Kids to Private or Public Schools

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