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In August 2021, Marisela took out a $10,000 qualified student loan to pay the tuition at State College. In 2023, she refinanced the student loan
In August 2021, Marisela took out a $10,000 qualified student loan to pay the tuition at State College. In 2023, she refinanced the student loan for an additional $5,000 that she used to buy a car to drive to and from campus. Under the terms of the refinanced loan, Marisela will be charged an additional $150 a year in interest. When completing her income tax return, Marisela can deduct what amount of the additional interest she is charged for her refinanced student loan
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