You may be eligible for a non-refundable tax credit for the interest you paid on your student loans.
To be eligible for credit, the interest must be on student loans that meet certain conditions and the interest must be actually paid.
Who can claim interest paid on student loan?
It is only you, the student, who can claim the tax credit, even if the interest was paid by someone else.
Unused interest credit can be carried forward
Student loan interest tax credit is a non refundable credit. If you don’t have enough tax liabilities to utilize the credit, you can carry forward your unused interest credits for up to 5 years. Because of the five-year optional carryforwd, you can choose to claim your interest paid in the current year or in any of the five subsequent years.
How to claim student loan interest tax credit
The amount of interest paid is entered at line 319 on schedule 1.