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If you’re paying off student loans or funding a 529 plan for your child, you could qualify for other deductions: 529 Plans A 529 plan can help you save up for college expenses for your children.
The loan was for a dependent: If you took out a loan in your own name for someone else like a child or other dependent, you can take the student loan interest deduction.
Then you might be able to deduct up to $2,500 worth of the interest you paid for either a federal or private student loan — or both. You can claim the deduction on your federal income tax return ...
Typically, the college first applies the grant or loan money toward a student's tuition, fees, and (if the student lives on campus) room and board. Any money left over is paid to the student for other expenses: books, living expenses if the student does not live on campus, and transportation. [1] [2]
Debt in the United States. In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [1]
A qualified student loan is one you took out to pay for qualified education expenses for an eligible student: you, your spouse or a dependent. Those expenses must be paid or incurred reasonably ...
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