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Old 01-07-2016, 05:16 PM
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Refinanced Parent PLUS student loan interest

If ParentPLUS student loans are refinanced at another lending institution, is the interest still tax-deductible? Does the institution have to be a federally qualified student loan institution or any like that?



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Old 01-08-2016, 04:16 PM
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Originally Posted by mrblint View Post


#1;If ParentPLUS student loans are refinanced at another lending institution,


#2; is the interest still tax-deductible? Does the institution have to be a federally qualified student loan institution or any like that?

#1; you can claim the loan interest aslongas the loan interest qualifies for tax deduction;you must have been legally obligated to make payments on the loan to claim the student loan interest deduction.To be considered a qualified education loan, the loan must have been borrowed by you solely to pay the qualified higher education expenses including room and board


#2; you can benefit from the deduction even if you Have private student loans
; Don't itemize your deductions o n SCh A of 1040 and make over $60K in a given year.



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Old 01-09-2016, 10:42 AM
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Thanks for the info. The loans do qualify (solely for room, board, tuition, books). I thought there might have been some law that favored the institutional participants in the PLUS program by disallowing the deduction if the loans were "taken away" from them.



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Old 01-09-2016, 10:43 AM
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Thanks for the info. The loans do qualify (solely for room, board, tuition, books). I thought there might have been some law that favored the institutional participants in the PLUS program by disallowing the deduction if the loans were "taken away" from them.



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Old 01-09-2016, 02:01 PM
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Originally Posted by mrblint View Post
I thought there might have been some law that favored the institutional participants in the PLUS program by disallowing the deduction if the loans were "taken away" from them.
I see however, I have no idea about the situation; basically, as said, You can claim the deduction ;You paid interest on a qualified student loan in tax year 2015;You are legally obligated to pay interest on a qualified student loan ;Your filing status is NOT MFS, married filing separately; Your MAGI is less than a specified amount which is set annually, and You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
, i guess you can contact the IRS for more info in detail



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Old 01-09-2016, 02:15 PM
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Originally Posted by mrblint View Post
Thanks for the info. The loans do qualify (solely for room, board, tuition, books). I thought there might have been some law that favored the institutional participants in the PLUS program by disallowing the deduction if the loans were "taken away" from them.
as said in general refinanaced student loan int is usually tax dedcutible



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