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Private College Loans For Students

Amy Said:

How does the IRS handle Private Student Loans?

We Answered:

Loans are not considered income when you file your taxes because you have to pay them back. They will have no impact on your taxes at all.

Mark Said:

is this reasonable for a private college?

We Answered:

Actually, that is modest.

You can compare that to any number of small liberal arts colleges - usually the information is on their website.

Just as an example for comparison:
Rhodes College in Memphis

Concordia University in Austin:

Whitman College in Washington state

Look at their housing costs and their tuition and fees and you'll see how your school's compare.

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