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There’s a deduction you can take when filing your taxes if you paid student loan interest. Paid your student loans in 2023? You could qualify for this tax deduction for the first time
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 ...
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.
The IRS defines student loan interest as any interest you paid during the year on a qualified student loan, including both required and voluntarily pre-paid interest payments. You can deduct the ...
The ability to deduct student loan interest isn’t automatic, however; you must meet certain qualifications. If you’re paying down your student loan debt, you know your total monthly payments ...
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still ...
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