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Paying for School
The cost of going back to school
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Which of these is not a common federal loan?


The four most common types of federal loans for students are direct subsidized, direct unsubsidized, PLUS loans and Perkins loans

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True or False: Interest on student loans is deductible.


If you’re paying off student loans, you may be eligible to deduct up to $2,500 for the amount of interest you’ve paid on your debt during the tax period.

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Key Takeaways

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  • Check to see what scholarships, grants, and work-study programs you or your child may be eligible for
  • Determine if your employer offers tuition assistance programs 
  • If you’re a student, the American Opportunity Tax Credit and the Lifetime Learning Credit can help reduce the amount you owe in taxes depending on your filing and education status
  • If you’re taking classes at an eligible post-secondary institution, you may be eligible for a deduction of up to $4,000 on qualified education expenses such as tuition and fees
  • Remember, you can’t claim both your education deduction and education credits in the same tax year
  • Many scholarships are tax-free. Check with the provider before you file