Acoustic logging while drilling (LWD) may be complicated because of contamination by waves propagating along the drill collar (the tool waves). In this paper we propose a new method for separating tool waves from the true formation acoustic arrivals in borehole acoustic LWD. The method utilizes the seismoelectric signal induced by the acoustic wave at the fluid-formation boundary. The basis for seismoelectric conversion is the electric double layer (EDL) that exists in most rock-water systems. EDL does not exist at the tool (conductor) water interface. Therefore, there should be no seismoelectric signals due to tool modes. In this paper, borehole monopole and dipole LWD acoustic and seismoelectric phenomena are investigated with laboratory measurements. The main thrust of the paper is the utilization of the difference between acoustic and seismoelectric signals, to eliminate the tool waves and enhance the formation acoustic signals in acoustic LWD.