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The GOP leadership in the House has proposed eliminating two education tax credits to save the government $85 billion over 10 years. Here’s what’s at stake. ... When average student loan debt ...
The news comes as Republicans in the U.S. House of Representatives have floated eliminating two tax credits that provide thousands of dollars in relief to students. Debt from student loans in the ...
Student Loan Interest Deduction: If you made a payment on your student loans in 2024, you may deduct the amount of interest you paid on them or $2,500 from your taxable income, whichever is less.
The pandemic-era relief provided by the student loan payment moratorium ended in 2023, and by 2024, borrowers were back in the routine of paying their college debt — with interest.
Student loans may be discharged through bankruptcy, but this is difficult. [2] Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3]
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.