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Federal student loan debt increased 267.1% between 2006 and 2023, according to the Education Data Initiative. In December, the House introduced legislation to increase the deduction limit to ...
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Student loan holders receive an important tax break in the form of the student loan interest deduction. Per the IRS, when you pay interest on a qualified student loan, either through voluntary or ...
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [ 1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [ 1]
The IRS defines student loan interest as any interest you paid during the year on a qualified student loan, including both required and voluntarily pre-paid interest payments. You can deduct the ...
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