College Loans and Taxes

[Nightwish]

You do get to deduct some college loan payments off your taxable income, but the deductions phase out as your income increases, so it all depends on how much you made this year. A tax program like TurboTax or a CPA will be able to walk you through this.

As for reporting your income to your university, you have a simple choice. Either you report it honestly and see your financial aid cut (as it should be), or you lie and risk getting discovered. Depending on the university, you may risk all kinds of disciplinary action up and including expulsion. Your choice.