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Some welcome news for student loan borrowers: House lawmakers introduced a bill in Congress last month to expand the existing student loan interest deduction from $2,500 in annual interest to $10,000.
You paid interest on a qualified student loan in tax year 2023. You’re legally obligated to pay interest on a qualified student loan. Your filing status isn’t married filing separately.
Although borrowers were granted a stay of student loan payment since the start of the pandemic in March of 2020, many vulnerable borrowers will struggle to pay their bills when payments resume on...
Student loan holders receive an important tax break in the form of the student loan interest deduction. Per the IRS, when you pay interest on a qualified student loan, either through voluntary or ...
In 2021, student loan servicers began dropping out of the federal student loan business, including FedLoan Servicing on July 8, Granite State Management and Resources on July 20, and Navient on September 28. [40] According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all ...
One of the hot topics after the Biden administration unveiled its student loan forgiveness plan last week was how canceled debt might impact borrowers' income tax returns. The details are still not...
You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their ...
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related to: taxes taken by student loans basedturbotax.intuit.com has been visited by 100K+ users in the past month