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Student Loan Services Waianae HI

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Cash Advantedge
(808) 696-7368
86-078 Farrington Hwy
Waianae, HI
City & Cnty Offices
(808) 696-6371
85-670 Farrington Hwy Ste 4
Waianae, HI
Legal Aid Society Of Hawaii
(808) 696-6321
85-670 Farrington Hwy
Waianae, HI
Hatfield Marie M Attorney At Law
(808) 696-8415
85-833 Farrington Hwy
Waianae, HI
Kapolei Lawyers
(808) 674-9870
1001 Kamokila Blvd Suite 245
Kapolei, HI
Pay Day Loans
(808) 668-2000
87-860 Farrington Hwy
Waianae, HI
Colortyme Rent-To-Own
(808) 668-7070
87-2070 Farrington Hwy Ste E3
Waianae, HI
Danbara Maurice Attorney At Law
(808) 697-0022
1700 Burbank Blvd
Waianae, HI
Rego Anson O Attorney-A Law Corporation
(808) 696-7061
85-833 Farrington Hwy
Waianae, HI
Cobangbang Caroline M Attorney At Law
(808) 626-8111
PO Box 893476
Mililani, 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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