Educational Expenses Tax Deductible
As tax season looms, those who are paying back student loans can receive a tax break. However, many student loan borrowers do not know this tax deduction even exists. In this economy, it is best to get back as much money as possible for educational purposes.
Filing the 1098-E for Tax Write-offs, College Loan Consolidation
What most students don't realize is when paying off their loans, they can write off the interest. Usually students pay the bulk of the interest first. The majority of the principal is paid off later down the line. Also, with the new option of Income-Based Repayment (IBR), the borrower only pays off interest for the first two years of repayment, but at a much lower rate. Many students who cannot afford their monthly payments are choosing IBR; therefore, filing a 1098-E form would be crucial for these borrowers as well.
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