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If you take out student loans to pay for college, you might qualify for the student loan interest deduction. This deduction allows you to reduce your taxable income by up to $2,500 per year.
You can deduct up to $2,500 paid in student loan interest during the tax year. It’s important to note that the deduction does not directly lower your tax bill by the amount you deduct. It simply ...
As a college student, you might qualify for significant education-related tax credits and deductions or even have access to tax-free funds to use for important costs. Your job situation and ...
Student Loan Interest Deductions. Most people who hold student loans can take advantage of the student loan interest deduction. This is an above-the-line tax deduction that you can take for up to ...
The student loan tax deduction isn’t a magical discount that’s taken off your monthly student loan payment like a coupon at the grocery store checkout. ... 26 Tax Deductions for College ...
Student Loan Interest. Student loan interest is generally deductible on your tax return as an "above the line" deduction, just like the Tuition and Fees Deduction. Again, this means you don't have ...
Grants, scholarships and financial aid are all useful for handling the very real costs of a college education, but don’t sleep on tax credits and deductions. Both college students and parents of ...
There’s a deduction you can take when filing your taxes if you paid student loan interest.
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