Interest paid on a qualified student loan can be used to reduce tax owing through a tax credit.

Name: Interest paid on a qualified student loan can be used to reduce tax owing through a tax credit.
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

The interest paid on a qualified student loan can be used to reduce tax owing through a tax credit known as the student loan interest deduction. This deduction allows taxpayers to deduct up to $2,500 of the interest paid on a qualified student loan from their taxable income.

Interest Paid on a Qualified Student Loan Can Be Used