Tax Benefits

 If you are borrowing federal student loans, please make note of the following tax benefits available to you (be sure to ask your tax preparer about these benefits):

• The student loan interest deduction can reduce the taxable income of many student and parent loan borrowers based on the amount of interest paid by the borrower or on the borrower's behalf over the tax year.
• The tuition and fees deduction can reduce the taxable income of taxpayers based on college tuition and fees paid during the tax year.
• The American Opportunity, Hope, and Lifetime Learning tax credits allow many taxpayers to claim a credit against their federal income taxes for college tuition and fees paid during the tax year.

Source:

http://www.tgslc.org/borrowers/tax/