This is a garbage deduction due to the small max limit of $2,500 annually and if you make over $65,000 you aren't eligible for the deduction.
I was only able to take this deduction in my first year of working and after that I didn't qualify. I don't understand why the government has such strict limitations on this deduction.
You would think that if you treated it the same as mortgage interest deductions that it would encourage more people to pay off their student loans faster and be debt free faster and in turn help the economy out as a whole.
Nevermind the fact that they don't even allow a deductions if you make too much money. It seems unfair that because your successful you get punished by not being able to deduct interest on a student loan and education that got you to making that money.
Anyone else think they should change the student loan deduction?
Read more: Does anyone feel the student loan interest deduction should be changed?
