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Student Loan Services Hilo HI

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 Hilo, HI that will answer all of your questions about Student Loan Services.

Hawaii Investigations & Security
(808) 935-7883
688 Kinoole St Suite 217
Hilo, HI
 
Frank Huff Agency Inc
(808) 935-0895
66 Kekuanaoa St
Hilo, HI
 
The Creadit Consultant
(808) 333-7255
688 Kinoole St Ste 207
Hilo, HI
 
City & Cnty Offices
(808) 696-6371
85-670 Farrington Hwy Ste 4
Waianae, HI
 
Kobayashi Joseph N
(808) 822-9000
4506 Lehua St
Kapaa, HI
 
Consumer Credit Counseling
(808) 969-7136
632 Kinoole St
Hilo, HI
 
Collection Agency Of Hawaii Inc
(808) 935-7442
118 Kukuau St
Hilo, HI
 
Mark Lewis Credit Restoration
(808) 333-7255
688 Kinoole St Ste 207
Hilo, HI
 
Aloha Credit Counseling
(808) 942-9030
2424 Date St
Honolulu, HI
 
Edelman Joel MA MS JD
(808) 573-0838
3660 Baldwin Ave Ste B
Makawao, 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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