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There’s a deduction you can take when filing your taxes if you paid student loan interest.
Student Loan Interest Deduction. Student loan holders receive an important tax break in the form of the student loan interest deduction.
CNBC reported that the student loan interest deduction allows qualifying borrowers to deduct up to $2,500 a year in interest paid on eligible private or federal education debt.
Here are four student loan interest-rate discounts that can help lower your monthly payments: Automatic Payment Discounts. Borrowers can cut 0.25% off their federal direct loans by...
For PLUS loans made before July 1, a variable rate applies (with a 9.00% cap). The House passed a resolution in May 2013 to tie student loan rates to free market loan rates. Every year, student loan interest rates will adjust to fit the market. subsidized and unsubsidized rates will cap at 8.5%. Loan forgiveness
As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [64] For adults between the ages of 35 and 49, the average individual balance owed exceeded $42,000. The average debt for adults between 50 and 61 is slightly lower.