Private College Student Loan

Are Ford Federal Direct Loans considered part of Adjusted Gross Income?

I have subsidized and unsubsidized. Part of the loans go toward tuition, other part goes toward living expenses. Which part(s) of this counts as AGI? Any?

Public Comments

1. Financial Aid is never considered part of your income, since it is not money you have "earned" in the workplace. Some Financial Aid, such as most scholarships and grants, does not need to be reported to the IRS. Mostly likely, you will need to report your Financial Aid (loans, especially unsibsidized since they earn interest even while you are in school) to the IRS in order to benefit fully from your tax return. Here are some links to some helpful tax worksheets/ info: http://www.irs.gov/publications/p970/index.html (this is a really helpful page for all information regarding Financial Aid) http://www.irs.gov/pub/irs-pdf/f1098e.pdf (this form is for your unsubsidized loan since it already receives interest) ♥ cheers!
2. No. It is a loan, not income. There are limits on which parts you can claim on your taxes based on what it was for, but that is for a Tuition and Fees Deduction, not for income. And any interest paid is deductible from your gross income to find your AGI.