Private College Student Loan

How does the IRS handle Private Student Loans?

I am a college student and have $50,000 in private student loan debt. I recieved this money in a one year span and it came directly to me and then into my bank account. I use it for extra tuition fees, books,room & board, food, etc.. How does this effect me filing my taxes? Im still a dependent as Im 21 years old. But will this have any effect on me owing money (I filed for a tax extension by the way)? Thanks for the help!

Public Comments

1. http://www.irs.gov/faqs/faq3-2.html http://www.financialaidfinder.com/financial-aid/seeking-financial-aid/student-loans/
2. 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.