I have a tax question regarding the life time learning tax credit..?

I only made $6000 this year and took out about $7000.00 loans. I am a graduate student now the qestion is how much life time learning tax credit will i get?

I have a tax question regarding the life time learning tax credit..?

The lifetime learning credit is 20% of your qualified education expenses for the year, up to a maximum of $10,000 of expenses. Qualified education expenses include tuition and fees, but does not include room and board, books, supplies, or equipment, nor does it include tuition related to courses that are related to sports, hobbies, games, or noncredit courses. Assuming that the $7,000 loan you took out were paid solely for qualified education expenses, your lifetime learning credit would be $1,400. These credits are nonrefundable credits, so since your income would be wiped out by the standard deduction and personal exemption, you would get no benefit for the credit.