How much is the student loan interest deduction for 2017?
Asked By: Courtney Nitzsche
Date created: Thu, Mar 4, 2021 9:54 AM
Date updated: Tue, Jan 3, 2023 1:29 AM
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Under current rules, borrowers can deduct up to $2,500 in qualifying interest paid as an "above-the-line" deduction. For someone in the 25 percent tax bracket, that works out to a $625 break.
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The current rules cap the student loan interest deduction at no more than $2,500 per year (according to an analysis done by the American Enterprise Institute, the average benefit actually received...
Under current rules, borrowers can deduct up to $2,500 in interest paid toward qualifying federal and private student loans. (See infographic below for some of the ins and outs.)