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In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.
Question About Tax Returns. Can I Use My Student Loans For A Tax Credit. How Does That Work?
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You can deduct the loan interest shown on the Form 1098. That may not be all of your loan payments since loan principal is not deductible.
If you receive a 1098, it will tell you want you can report on your taxes. That amount is technically not a deduction, it is an adjustment to your income. It would be entered on line 33 (of form 1040) or line 18 (of 1040A). It will reduce you overall taxable income in a manner similar to a deduction. See page 30 of the attached pdf link from the IRS.