No in the US only the interest paid is a tax deduction and i cant use my business to pay the loans, I have to pay taxes on the money to pay the loans first the deduct the interest at tax time.
The only tax break you get for student loans is the interest you pay on them. Fun fact, you also can't discharge most student loans if you file for bankruptcy, unlike most other types of debt.
Also, you can only claim a tax break on the student loan INTEREST. Not *the loans themselves.* And you definitely can't write them off.
Also you can only claim a deduction for the interest THAT YOU HAVE PAID THAT YEAR, with a maximum of $2.500. And you must pay at least $600 in interest to claim it.
I would argue that contributing to this misconception is pretty harmful - people that could apply for it may not because they don’t even think it exists!
I guess, but arguing about the relative size is a pretty different conversation than the pretend indignation at its absence
Plus, students probably don’t have much income while they’re in school, so much more tuition credit doesn’t affect them much, and the gap on interest seems pretty good
You can claim a percentage of your interest on your taxes. Not the whole amount of payments or even the whole of the interest paid (it goes on a schedule and % allowed is then calculated & deductible from your gross earnings).
None of which matters, because you can't claim your loans, you can only claim the interest on them. And only interest that you have paid, so long as you paid at least $600 that year.
The cap on it being $2500.
It's fucking useless as far as getting you out from under those debts.
If you get a college degree for your job at all, even if it's not a requirement, you should be able to write off your loans. I didn't have to take out any loans for my degree but this principle just makes sense.
The deduction of interest is capped at $2500, so if your marginal tax rate is 12%, the *most* you can get back is $300, and if 22%, $550. (If you're above the 22% bracket you're not eligible for the deduction at all.)
I want college tuition to be free, paid for by an extra tax on income that is scaled according to income level. Unless you’re earning lots of money, you’re not paying anything back. The worse outcome I see from this is more people with a good education.
I wish people would fact-check their memes first. Not saying this is right or wrong either way, where who specifically is writing off a yacht for their CEO job?
How about eliminating them? All of them for all students in all categories. Ya know like PPP loans were forgiven. We can afford it. Your support here is so very very very toothless and 100% Shitlib.
Ceos get yachts and private jets to show how big their penis is. So unless you got a student loan for the same reason, your argument is invalid. Also you aren't a billionaire.
This is so funny. I didnt follow either of you here but getting that lined up im my timeline is cool. After your post i got one suggested thats saying "If I had a bar on a starship Id call it Black Hole". Lets have RATM at the the grand opening and Guinan mixing the drinks? 🤗
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Some people will share anything for a bit of self righteous clout I guess 🤷♂️
Also you can only claim a deduction for the interest THAT YOU HAVE PAID THAT YEAR, with a maximum of $2.500. And you must pay at least $600 in interest to claim it.
You know how much student loans are in the US?
Plus, students probably don’t have much income while they’re in school, so much more tuition credit doesn’t affect them much, and the gap on interest seems pretty good
Max is $2500/ yr
So they have a right to be indignant.
The cap on it being $2500.
It's fucking useless as far as getting you out from under those debts.
Just ask the IRS
I like this idea better