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Student Loan Services Hilo HI

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Mark Lewis Credit Restoration
(808) 333-7255
688 Kinoole St Ste 207
Hilo, HI
The Creadit Consultant
(808) 333-7255
688 Kinoole St Ste 207
Hilo, HI
Consumer Credit Counseling
(808) 969-7136
632 Kinoole St
Hilo, HI
Retriever Payment Systems
(808) 877-7678
628 S Papa Ave
Kahului, HI
Morimoto Peter M
(808) 821-0782
Lihue 96766
Kapaa, HI
Collection Agency Of Hawaii Inc
(808) 935-7442
118 Kukuau St
Hilo, HI
Frank Huff Agency Inc
(808) 935-0895
66 Kekuanaoa St
Hilo, HI
Hawaii Investigations & Security
(808) 935-7883
688 Kinoole St Suite 217
Hilo, HI
Swinburnson Kurt D Attorney At Law
(808) 821-1922
6474 Kaahele St
Kapaa, HI
Yoshida Randal S Law Offices Of
(808) 536-6614
737 Bishop St Suite 2730
Honolulu, HI

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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