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Medical study loan helps in saving income tax?

  • 28-12-2013 12:21pm
    #1
    masterboy123
    Registered Users, Registered Users 2 Posts: 5,915 ✭✭✭


    Can anyone say how this educational (for medical studies) loan helps in saving my income tax in Ireland? I have heard that if I have taken loan I have to pay less income tax. Can someone please explain me how it can be done?

    I have studied medicine in other EU country and took educational loan from my home country to pay the tuition fees and I am supposed to start repaying that loan from this coming summer.
    I am not sure if I am eligible for any relief from income tax.

    Soon I am going to start my first job with HSE as a doctor.

    Any help is highly appreciated!!


Comments

  • #2
    Vorsprung
    Registered Users, Registered Users 2 Posts: 2,816 ✭✭✭Vorsprung


    masterboy123 wrote: »
    Can anyone say how this educational (for medical studies) loan helps in saving my income tax in Ireland? I have heard that if I have taken loan I have to pay less income tax. Can someone please explain me how it can be done?

    I have studied medicine in other EU country and took educational loan from my home country to pay the tuition fees and I am supposed to start repaying that loan from this coming summer.
    I am not sure if I am eligible for any relief from income tax.

    Soon I am going to start my first job with HSE as a doctor.

    Any help is highly appreciated!!

    I'm almost certain that you can only get tax relief on a course that's listed on a particular Revenue document which only lists colleges in Ireland courses abroad aren't listed.

    Link here

    I can't imagine that you'd be entitled to tax relief on what is effectively a personal loan.


  • #3
    lonestargirl
    Registered Users, Registered Users 2 Posts: 1,501 ✭✭✭lonestargirl


    Tax relief would be due at the time the fees were paid to the college not when paying back the loan.


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