Is the Interest Paid on Student Loans Tax Deductible?

Answer Student loan interest represents a significant amount of educational expense. Although the interest on student loans can be lower than other installment plans, the amount over time can be substant... Read More »

Top Q&A For: Is the Interest Paid on Student Loans Tax Deduc...

Can i claim interest paid on student loans if i do not owe taxes?

You can claim the interest you paid on a student loan regardless of whether you owe taxes. The deduction lowers the amount of your income which is subject to taxation. Therefore, the overall bene... Read More »

Is interest paid on a time share condo deductible as mortgage interest?

According to the IRS, mortgage interest from a timeshare condominium is considered qualified residence interest that is tax deductible as long as the owner uses the condominium as a second home for... Read More »

Is interest on home loans tax-deductible?

Yes, mortgage interest is tax deductible if you choose to itemize your deductions. Only the interest on the first $500,000 ($1 million for joint tax filers) is deductible, and the loan must be secu... Read More »

Is the interest on Sallie Mae educational loans tax deductible?

Interest paid on a Sallie Mae educational loan is tax deductible for the year it is paid. However, only $2,500 of interest paid on a student loan can be deducted per calendar year on a federal tax ... Read More »