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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.
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 ...
Normally, student loan borrowers can deduct the interest they paid on their loans from their income tax returns, but things haven't been normal for a few years. Federal student loan payment pauses...
A borrower is a "new borrower" if, when receiving a federal student loan on or after October 1, 2007, the borrower did not have an outstanding balance on another federal student loan. [2] The Revised Pay As You Earn Plan is available to all Direct Loan borrowers regardless of when the money was borrowed.
In addition, Form 1098-E, which is the student loan interest statement, is due at the same time to anyone who paid $600 or more in student loan interest in the previous year. Despite discussions ...
This benefit has grown as education debt has increased. According to the Washington Post, student debt has nearly tripled since the early 1990s and averaged $35,000 in 2015. [2] Only about 3% of companies currently offer employer student loan contributions, according to a survey by the Society for Human Resources Management from June 2015. [2]