Private College Student Loan

Am I able to file taxes on grants and loans from college?

If so am i able to receive a EITC for it?

Public Comments

1. No. A loan is not income, and most grants are not taxable.
2. No, loans are not income and neither are grants. To collect the EIC you need earned income such as from a job or self-employment.
3. EITC stands for EARNED Income Tax Credit. You don't earn grants and loans. That's why they aren't considered income. You don't pay income tax on them and you can't use them to qualify for the EITC. If you are a full-time student or under the age of 24, you are not eligible for the EITC. The IRS has a calculator you use: http://apps.irs.gov/app/eitc2008/Return_To_Start.do I hope this helps. Gary