Tax Benefits

Unlimited Timeframe for Student Loan Interest Deductions – As recently as the 2001 tax year, taxpayers were only able to deduct student loan interest during the first 60 months of repayment. Beginning in 2002, the 60-month limit was eliminated and depending on your income, you may be entitled to deduct interest regardless of the age of your loan.

Flexible Eligibility Requirements

Based on income, you may not have qualified for the student loan interest deduction in the past. Starting in tax year 2002, the income eligibility limits have been increased to make the deduction available for a wider group of taxpayers. What's more, you do not have to itemize your deductions to take advantage of student loan interest deductibility. To determine your eligibility and learn how these benefits apply to your specific situation, we encourage you to consult with your tax advisor and review IRS Publication 970 for details.

DISCLAIMER: Tax information is provided as a general overview. EduLC is not engaged in rendering legal, accounting, tax, or other professional advice services, and we are not qualified (nor is it our intent) to provide individual tax advice. Consult your tax advisor.