Student Loan Debt and Taxable Income
My question involves personal finance in the State of: Texas and I was wondering is it possible to convert student loan debt into taxable income and then, perhaps, obtaining assistance in having the taxes reduced or forgiven? Also, will there be taxable interest on the entire amout of the loan and is it possible to have the interest reduced? Thanks.
Re: Student Loan Debt and Taxable Income
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pacoima1963
My question involves personal finance in the State of: Texas and I was wondering is it possible to convert student loan debt into taxable income and then, perhaps, obtaining assistance in having the taxes reduced or forgiven?
No. A student loan is not/cannot be considered 'taxable income' as the money was borrowed, not earned.