Tax advantages
Look to the IRS for more education cost savings! The federal government has developed IRS tax code to allow parents and students to recover some of their expended education costs with tax credits and deductions.
Tax credits offer students and their families credit on their federal income tax bill for tuition and fees incurred at an eligible school.
Education tax deductions on the other hand, allow taxpayers to deduct up to $3,000 of tuition and related expenses, and up to $2,500 in interest paid yearly on loans used to pay for qualified educational expenses.
To get a better understanding of student loan tax advantages, select one of the following subjects:
