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US Tax Credit for UK Student Loan Payments

US Tax Credit for UK Student Loan Payments

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Old Mar 20th 2011, 6:52 pm
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Default US Tax Credit for UK Student Loan Payments

Hey Guys,

Just doing my 2010 tax return and have to put the amount of interest paid by my wife for her UK student loan. Before I ask her to call the SLC tomorrow to get this figure, just wanted to ask if we would be elligalbe for this deduction as it is interest on a non-us loan. If not, no point in calling...

Thanks guys!
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Old Mar 20th 2011, 7:02 pm
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Default Re: US Tax Credit for UK Student Loan Payments

Originally Posted by dh010447
Hey Guys,

Just doing my 2010 tax return and have to put the amount of interest paid by my wife for her UK student loan. Before I ask her to call the SLC tomorrow to get this figure, just wanted to ask if we would be elligalbe for this deduction as it is interest on a non-us loan. If not, no point in calling...

Thanks guys!
An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.

Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.


http://www.irs.gov/publications/p970/ch04.html

You'll need to check if the college she attended participated in that program.
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Old Mar 20th 2011, 7:08 pm
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Default Re: US Tax Credit for UK Student Loan Payments

Originally Posted by Michael
An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.

Certain educational institutions located outside the United States also participate in the U.S. Department of Education's Federal Student Aid (FSA) programs.


http://www.irs.gov/publications/p970/ch04.html

You'll need to check if the college she attended participated in that program.
Thanks for that Michael. I am very sure that my wife's university does not participate in the FSA Program. Saves a call to the SLC anyway...

Thanks again!
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Old Mar 20th 2011, 7:17 pm
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Default Re: US Tax Credit for UK Student Loan Payments

Originally Posted by dh010447
Thanks for that Michael. I am very sure that my wife's university does not participate in the FSA Program. Saves a call to the SLC anyway...

Thanks again!
I wouldn't give up that easily. From my understanding quite a few British colleges participate if they want Americans to attend their college.

From my understanding it is sort of like most US colleges (including community colleges) participate in required programs that allow F1 students to attend.
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