Us Savings Bond Program

us savings bond program
Question: Can I use interest from US Savings Bonds to pay student loan interest?

I cashed some US EE Savings Bonds this past year. I also paid interest on my student loans from college, but I did not pay enough/have enough deductions to file them as a separate deduction. I’ve read about the Education Savings Bond program, and I was curious, can I avoid filing the interest from my Savings Bonds if I used them to pay interest on my student loans?
After inserting the interest from my student loans into TurboTax, it says my adjusted income is too much to be able to deduct my student loan interest payments. Is it still deductible?

Answer: Not if it’s not for current school expenses. But you don’t have to itemize to claim the deduction for student loan interest. That goes in the Adjusted Gross Income section of your 1040A or 1040.

John Wayne Commercial US Savings Bonds 1976


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