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If you take out student loans to pay for college, you might qualify for the student loan interest deduction. This deduction allows you to reduce your taxable income by up to $2,500 per year.
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.
Both college students and their parents can take advantage of tax breaks that could save thousands of dollars on tuition, fees, books and supplies. Taxes 2023: Credits, deductions and tax breaks ...
The Hope credit is subject to limitations. First, the credit will be lost if the student is convicted of a felony drug offense. [3] Second, a taxpayer may not take both a Hope credit and a Lifetime Learning Credit or tuition and fees deduction for the same student in the same year. [4]
Any full-time college or university student is eligible. According to the IRS, the American Opportunity Credit cannot be taken by a taxpayer if he has a felony drug conviction. A $4000 refundable [4] tax credit in exchange for 100 hours of community service. This information is not supported by the link below. This proposal was not passed.
A closely related issue is the increase in students borrowing to finance college education and the resulting in student loan debt. In the 1980s, federal student loans became the centerpiece of student aid received. [48] From 2006–2012, federal student loans more than doubled and outstanding student loan debt grew to $807 billion. [48]
College students or their parents have two tax credits they may be able to claim to offset part of their expenses. The American Opportunity Tax Credit, which was formerly known as the Hope Credit ...
There are also tax breaks that help with student loan debt once your days in the classroom are over. ... Here's a breakdown of 12 tax deductions, credits, and exemptions that can help you pay for ...