02.05.07 | Student Loan Interest Rate Reduction
A favorite pastime of mine is playing trivial pursuit with my closest group of friends. I play only with my good friends because I’m a sore loser and hate having people watch me struggle the sciences and sports questions. Regardless of these difficult pie pieces it’s truly one of my favorite board games . Today, for my post I will ask a quick student loan trivia question.
Good luck!
What year did Congress pass legislation that would allow students to claim a student loan interest paid deduction on their federal income tax returns?
The year Congress passed legislation was 1997 however student loan interest became deductible beginning with tax year 1998.
*To retrieve a copy of your tax documents to deduct this educational expense please contact your educational banking institution. Currently, a lender does not have to send out the tax document if you paid less than $600 a year in interest. If you are unsure of who your lender is please give us a call at the Student Loan Network at 877-328-1565. If you have any questions about if or how much interest you can deduct, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at 1-800-829-1040.
Take advantage of this deduction! If you qualify, the student loan adjustment can result in considerable tax savings.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
The Student Loan Help blog is sponsored in part by:
