Student Loan Interest Deduction - Savings or Scam

The College Investor Audio Show · Dec 11, 2017 · 7m

For student loan borrowers repaying their college loans, the student loan interest deduction remains one of the easiest tax benefits available to claim. It allows eligible taxpayers to subtract up to $2,500 in interest paid on qualified student loans from their taxable income.

This deduction is known as an "above-the-line" adjustment, which means it can be claimed without itemizing deductions. For young adults and recent graduates who typically take the standard deduction, this offers an additional way to reduce their tax burden.

To qualify, the loan must have been used solely to pay for…