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Student Loan Services Claymont DE

This page provides useful content and local businesses that can help with your search for Student Loan Services. You will find helpful, informative articles about Student Loan Services, including "Student Loan Interest Deduction - Article by Business Tax Recovery". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Claymont, DE that will answer all of your questions about Student Loan Services.

Consumer Credit Education Cooperative
(215) 747-7462
4601 Market St
Philadelphia, PA
 
Abrams Elisha Hoffman
(215) 765-4828
2401 Pennsylvania Ave
Philadelphia, PA
 
First National Bank of Chester County
(484) 881-4810
99 Manor Avenue
Downingtown, PA
 
Consumer Credit Counseling
(800) 989-2227
1515 Market St
Philadelphia, PA
 
Fulton Bank
(610) 873-4740
1267 Horseshoe Pike
Downingtown, PA
 
Credit Consultants Inc
(215) 790-1448
1518 Walnut St
Philadelphia, PA
 
DNB First
(484) 359-3201
701 E. Lancaster Avenue
Downingtown, PA
 
Harleysville National Bank
(610) 269-9701
100 E. Lancaster Avenue
Downingtown, PA
 
Citadel Federal Credit Union
(800) 666-0191
1246 Cornerstone Blvd
Downingtown, PA
 
Keystone Federal Credit Union
(484) 356-0400
370 W. Uwchlan Avenue
Downingtown, PA
 

Student Loan Interest Deduction - Article by Business Tax Recovery

Time Limits No Longer Apply To Student Loan Deductions

A dramatic change to the Student Loan Interest Deduction has been implemented for the 2002 tax year. Previously, a taxpayer was only allowed to deduct interest paid during the first 60 months of the repayment of the loan. Starting in 2002, this is no longer the case. You can now take the deduction for every year that you make payments on the loan. If it takes you 10 years to pay off the loan, you can take a deduction each year.

The Student Loan Interest Deduction ["SLID"] is a tax deduction that is allowed under the Internal Revenue Code for interest paid on qualified education loans. The maximum deduction each taxpayer can take on their 2002 taxes is $2,500. The deduction is taken against your gross income and will lower your adjusted gross income by up to $2,500 depending on the amount of interest you paid in 2002. This is a significant tax savings for individuals with student loans!

Unfortunately, there are fairly strict caps on the SLID based on adjusted gross income. Specifically, you can claim the deduction if your adjusted gross income is $65,000 or less if you are filing as a "single" person. The cap on the restrictions is raised to $130,000 if you are filing jointly.

If you fall within the income restrictions, the loan in question must also have been taken out solely to pay qualified education expenses and cannot be from a related person or qualified employer plan. Qualified education expenses include:

1. Tuition and fees.
2. Room and board.
3. Books, supplies and equipment.
4. Other necessary expenses such as transportation.

As long as the loan in question was used to pay the costs of attending an educational institution at which you were enrolled at least half time, you are eligible to claim the deduction. The institution that you attended must be a college, university, vocational school or secondary education institution that qualifies for such loans. The loan need not be federally gua...

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