Tex Deduction, High Education Cost, Financial Help

America's Top Student Loan Provider

Let Uncle Sam Help

One thing you can count on is getting a little help from the government in other ways as it pertains to student loans. For parents in particular, you and your child may be entitled to deduct from your taxes up to $2,500 of the annual interest you pay on student loans.

Under current IRS guidelines, even if you don't itemize, you can take the full write-off if your annual income is $105,000 or less and you and your spouse file jointly. You can claim a partial deduction if your income falls below $135,000. For single tax filers, the income limits are $50,000 and $65,000, respectively in order to qualify for the full or partial deductions. This tax break can save you big bucks: as much as $1,875 over five years for those of you in the 15 percent bracket; and up to $3,500 if you're in the 28 percent bracket.

And here's another tax break for parents. If you tapped the equity in your home to help fund your child's college education—an increasingly common way parents are paying higher education costs— then you can claim a tax deduction for that as well. Homeowners are allowed to deduct up to $100,000 for interest paid on mortgage loans. You can claim this write-off as long as you itemize your deductions. And hey, there's nothing wrong with letting Uncle Sam underwrite the cost of your (or your child's) college education. We all pay our fair share of taxes and make all kinds of other contributions to society. Why shouldn't college grads and their parents take advantage of every available financial break they have coming?

	Article Title : Let Uncle Sam Help
	Comment not found for this article.

Share this story:

EdFed introduces� Awareness� Learnal

At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!

How EdFed Helped others!

Trust me I have called many different consolidation companies and none of them compare to EdFeds great Customer Service. They are defiantly on top of things. They were the seventh call and out of all the other people I had previously spoken with they were the only ones to help me with all my questions and concerns. They made me feel comfortable about the consolidation process and my decision to choose them.
- Kenneth S. Denver, CO

* Your Name:		* Your E-mail Address:
		We respect your privacy.

* Your Friend's name:		* Your Friend's E-mail address:






Include a Message:


		+ Privacy Policy

CONSOLIDATION NEWS

	Schools Will No Longer Receive Paper FAFSA Forms (September 20, 2007)
news desk

CALCULATORS


			Stafford Loan Payment Calculator
			PLUS Loan Payment Calculator
			Loan Consolidation Payment Calculator



	Articles
	Calculators
	FAQs
	Glossary of Terms
	Loan Comparison Chart
	Scholarship Search


		Consolidation can improve your credit rating to help you qualify for mortgages and other major loans.

Free Webinar by Harrison Barnes

To Succeed in Any Job You Need to Create Work

Monday, March 22, 2010 at 1:00 PM PST.

Comprehensive List of Schools at which EdFed Assists Students.


		EdFed is a FFELP lender with lender identification number 834241. © Copyright 2010 EdFed. All Rights Reserved. Home · About Us · Contact Us · News · Sitemap Career Advice · Tell a Friend · Privacy Policy Resume Service · Resume Distribution Service

EDFED NEWSLETTERS

Email Address:

+ Most Recent Newsletter

+ Newsletter Archives

Shoot for the moon. Even if you miss it, you will land among the stars.

Our Companies: Graduate School Loans | Law School Loans | Medical School Loans | Merchant Cash Advance | MerchantCreditAdvance