Qualified Education Expenses

For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. They include amounts paid for the following items:

• Tuition and fees.
• Room and board.
• Books, supplies and equipment.
• Other necessary expenses (such as transportation).

The cost of room and board qualifies only to the extent that it is not more than the greater of:

• The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or
• The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution.