Did You Know? Student loan interest is tax deductible. Learn more at www.RiverwalkDebt.com/blog
Posted by Riverwalk Debt Solutions on Monday, March 19, 2018
Did you know? You can deduct the interest you paid on qualified student loans during the 2017 tax year. This includes both required and voluntarily pre-paid interest. However, the deduction is limited to $2,500 or the actual amount of interest paid during the year. Deducting interest paid on student loans may lower your taxable income.
A qualified student loan is a loan taken out solely for the purpose of paying higher education expenses. Take a look at your Student Loan Interest Statement or 1098-E to see the amount of interest you paid on your eligible student loans.
Every tax situation is unique. If you need professional advice, consult with a qualified tax professional.