- Get Educated on the Student Loan Interest Deduction
Many students and their parents find it necessary to take out student loans to help pay for the escalating costs of a college education. If you’re among them, you may be eligible for a full or partial deduction of up to $2,500 in interest paid on these loans, reports the Michigan Association of CPAs. The amount you may deduct depends on a number of factors, including your modified adjusted gross income (MAGI).
- Tuition and Fees Deduction
Those facing skyrocketing college tuition bills will want to learn as much as possible about how the tuition and fee deduction can lower their tax bills.