Will i get anything back if i use or just some type of credit?
What do i do with the tax statement from my college?
If you itemize your deductions, you can deduct the interest from your income. You have to have quite a bit of deductions to make itemizing worth your while. If you have a program like TaxCut or TurboTax, it can tell you whether you are better off itemizing or taking the standard deduction.
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