Ease the impact of student loan repayments by claiming
a tax deduction of up to $2,500. Here's a breakdown.
As student loan payments resumed in 2023,
a considerable number of Americans might find the financial burden overwhelming.
However, there's a potential silver lining when tax season arrives.
Interest on federal student loans began accumulating once
again on September 1, with the first payments due in October
for over 40 million Americans. If you have commenced repayment,
you might qualify for a federal tax deduction on the interest,
with a maximum cap of $2,500. The noteworthy aspect is that
you don't have to itemize your deductions to avail of this benefit.