Tax and student loans?

Need help with tax forms dealing with student loans....?

• I didn't know you could/couldn't claim taxes with student loans. This is technically my first year dealing with taxes and I use turbotax. I been paying student loans since April 2011 and I got a letter from fedloan saying my tax info was ready. I went to the website and printed out a 1098-E form with my info on it which I don't even understand the point of. What am I suppose to do with it? Can I get some money back for paying my loans? All the paper says is my name, address, interest paid, and other basic info then it says to keep for my records. Sorry if I sound dumb, but like I said, it's my first time!

• Answer:

  It's a deduction, not a credit. Are you using tax software? When it asks if you paid student loan interest say yes. The amount is the amount on the 1098-E form. You won't be taxes on that much of your income, so will save a small % of that.