Student Loan Interest and Taxes: What You Need to Know

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Students, before you file your taxes this year, make sure you’ve taken advantage of these deductions attached to your student loans!
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As a college student or recent graduate, understanding how student loan interest affects your taxes can save you a lot of money. On the last episode of The Finance Couch, Ross Mac shares that up to $2,500 of student loan interest can be deducted from your taxable income. This means if you earned $100,000, you might only be taxed on $97,500, lowering your overall tax bill.
He also discusses the American Opportunity Tax Credit, which provides additional savings for students. The key is understanding qualified deductions and working with a CPA who can help identify credits and strategies to maximize your refund or minimize your taxes owed.
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