Does any one know if one has to itemize expenses related to a student loan?

Question:

I am already familiar with Stafford and other federal and private loan programs and grant systems. My question is specific. Do you need to keep your receipts and categorize all the expenses that you use the loan money for?

Please don't waste my time with smart ***, single word answers, or answers like "talk to your advisor at the college" or "contact your loan company" I already plan to speek with the "experts" I am asking the question here because I want advice from people with real life experience regarding this specific aspect of borrowing for college. I have heard that I can use the money for rent, car, and groceries but want to know if these sorts of expenses need to be itemized and reported.

My experience with government agencies has tought me that one seldom gets a clear answer from those who hold the purse strings! Often the answer is incorrect.

Helpful answers only please! If you don't know the answer to this, don't bother me!

Answer:
First of all, it's best to have documentation of anything that goes on your tax return for auditing purposes so yes you need reciepts and whatever else.

Second of all, student loan interest is an above the line deduction so you don't have to itemize to claim it.

Does any one know if one has to itemize expenses related to a student loan?

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