I am a fulltime student and I recieve both pell grants and student loans to go to school. My question is on my student loans. If I recieve proceeeds from my student loans after education expenses are thoes funds taxable or considered income.
Basically I recieved around $20,000 out of that amount $10,961 was used for housing and other bills do I need to put that on my tax form as income. Is it to be put in the income section or where.

“My question is on my student loans. If I recieve proceeeds from my student loans after education expenses are thoes funds taxable or considered income?”----> Your Pell grant is the basis of federal student aid grants in that eligibility for most other federal grants depends on first qualifying for the Pell program. You, a s a student who receive a Pell grant , may use the money for almost any purpose, but must keep in mind that there may be tax consequences in some situations. Fo example, when you use a Pell grant for tuition, fees and other direct educational expenses, the money is not income and is not taxable. This may also apply to necessary items like a laptop to do your work. However, Pell money that is used for room and board or other non-educational expenses is taxable and must be reported on your tax return. The best policy is to keep receipts of anything you buy with Pell grant money and stick to school-related purchases as much as possible.
“Basically I recieved around $20,000 out of that amount $10,961 was used for housing and other bills do I need to put that on my tax form as income. Is it to be put in the income section or where?”----> as said previously,scholarships, fellowships and grant funds that you receive in cash and that you do not use for qualified educational expenses are considered taxable income. However, while you are enrolled as a student, you are not obliged to make Social Security payments. If you use part of the money for qualified educational expenses, subtract that amount from the total scholarship or grant, and report the remaining amount on your federal income tax return; aslong as you must claim part or allof your Pell grant as taxable income, fill in the taxable amount on Line 1 of Form 1040EZ or Line 7 of Form 1040A or Form 1040. On the line or space to the left, add the letters "SCH" along with the taxable amount.You can use your student loans for anything you want related to college. On the contrary, your grants have to be used for tuition or books, but loans can be used for anything.The IRS does not consider student loans to be income and you do not have to report them as income on your federal income taxes. This is true whether your loans are federally insured or commercially issued. In fact, if you make payments on your student loans, you may be eligible for a deduction on your federal income taxes for the interest you paid on your student loans during the previous year. Your lender will send you a Form 1098-E. The amount of interest you paid on your student loans for the year will be reported on Form 1098-E, box 1. The maximum amount of student loan interest you can claim as a tax deduction is limited to $2,500;you need to report it on 1040 line 33.