It would just be easier if interest rates would be canceled. This way we can pay off student loans quicker than 5-10 years.
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I agree but this might work as good and be more of a savings to payers of these loans
Make All Payments for college and college related expenses (books, housing) tax deductible.
If you’re a parent helping your children though collage or
you’re a hard working student paying ongoing expenses or a graduate paying student loans.
The total amount of these expenditures will become a tax deductions for the Payer of those costs.
Even if you are filing using the standardized deduction, this subtraction comes off before any itemized or standard deduction is applied.
5 Likes
How do we bump up the conversation on this topic? I would love for my payment to actually go towards my debt.
1 Like
Hi Mary,
I agree the average 7% interest rate on student loans in brutal, but the government still has to pay $2 billion or more a year just to service these loans.
I proposed an idea to cap the interest rate at 1% so the loans could still be serviced, but borrowers would benefit greatly and, therefore, the economy as well.
Check it out? Thanks!
1 Like