If you took out a student loan for yourself, your spouse or your dependent, you can avail of a tax deduction for any interest that was paid on these loans. This tax benefit applied to all loans that were taken out for education, not just federal student loans. The maximum deduction that you can avail of is $2,500 per year
Can you give me some more information on tax credits that are available for higher education expenses?
There are currently two types of tax credits available. Thes credits offset the costs of tuition, fees, books, supplies or equipment which ultimately reduces the amount of income tax that you pay
Do you normally file an annual personal tax return?