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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. ... You can take the student loan interest deduction ...
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...
President Obama's 2015 budget proposed substantial changes to the Pay as You Earn program. In addition to extending the program to all borrowers, regardless of when their first loans were disbursed, it proposed certain limits to PAYE that are designed to "protect against institutional practices that may further increase student indebtedness, while ensuring the program provides sufficient ...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
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]
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