Is it true that one can take tax Deduction for Student Loan on tution fees? If so, what is the amount?

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Q. Is it true that one can take tax Deduction for Student Loan on tution fees? If so, what is the amount?

A. -Income tax deduction? No, not really. Educational expenses are only deductible if they maintain present skills for present employment. Education that qualifies you for another job is not deductible. -Although there are no tax deductions for tuition payments for individuals, there is a new "HOPE" tax credit and "Lifetime learning" tax credit. -Starting this year there are three different ways to deduct education expenses; among them the Hope credit and the "lifelong learning credit". There are many provisions and limitations regarding them, but they could save the average taxpayer several thousand in tax liability.

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Is it true that one can take tax Deduction for Student Loan on tution fees? If so, what is the amount?

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