if any, what are the tax benefits of repaying student loans over 3~4 years VS repaying immediately?
Microsoft iUhk32Oct 9, 2017
Tax breaks for student loans start to decline after you make more than 55k taxable income and phase out completely after 75k (knowledge from 2007-2012, so those numbers could have risen slightly).
If you’re in that range, the tax benefit is that you can deduct the interest on the loans. Remember, if you’re paying them off that quickly though, you’re probably not paying much interest (or in an income range where you can deduct them).
Tax breaks for student loans start to decline after you make more than 55k taxable income and phase out completely after 75k (knowledge from 2007-2012, so those numbers could have risen slightly). If you’re in that range, the tax benefit is that you can deduct the interest on the loans. Remember, if you’re paying them off that quickly though, you’re probably not paying much interest (or in an income range where you can deduct them).