{"id":633,"date":"2015-10-13T13:48:05","date_gmt":"2015-10-13T17:48:05","guid":{"rendered":"http:\/\/www.etax.com\/blog\/?p=633"},"modified":"2015-09-29T13:48:40","modified_gmt":"2015-09-29T17:48:40","slug":"student-loan-interest-factors-in-at-tax-time","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/10\/13\/student-loan-interest-factors-in-at-tax-time\/","title":{"rendered":"Student Loan Interest Factors in at Tax Time"},"content":{"rendered":"

Paying for college is rough, especially if you\u2019ve resorted to student loans to cover the cost of your education. It\u2019s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. The deduction<\/a> is phased out once you gross a specific annual income, though it may not matter as much if you have just graduated.<\/p>\n

If you file your taxes using the single status, the deduction for student loan interest begins to phase out for taxpayer who make between $65,000 and $80,000. Between these amounts, the deduction is lessened for the taxpayer, while any amount of income above $80,000 is not entitled to the deduction at all.<\/p>\n

This means that law school or business school graduates entering the workforce, or any other lucrative career path may not get the same deduction as a taxpayer who hasn\u2019t been hired immediately after graduation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paying for college is rough, especially if you\u2019ve resorted to student loans to cover the cost of your education. It\u2019s not all bad though, as you can deduct up to $2,500 in student loan interest at tax time. 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