Editor’s Note: This article contains tax tips and suggestions for student loan borrowers filing their 2020 tax return (this is the return due in April of 2021). Most student loan borrowers realize that there is a deduction for student loan interest. However, there are many other student loan issues to …
Refinancing and the Student Loan Interest Tax Deduction
Student loan refinancing can be a dramatic change to your student loans. Many borrowers fear that a student loan refinance could mean the end of the student loan interest tax deduction. Refinancing usually means a new lender, new interest rate, and new monthly payment. Fortunately for borrowers, in most cases, …
Student Loan Interest Deduction Basics for 2020 Taxes
When planning your 2020 tax return (due April 15, 20201), an important detail that should not be overlooked is the student loan interest deduction. Unlike car payments or credit card bills, interest paid towards student loans can be a deduction on your taxes. It is one of many special considerations …