Your Tax Credits In Regards To Your Student Loans

: Chris Lee Law Firm

  Filed under: Bankruptcy, Student Loans

student debt, repayment, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,Most individuals that are planning on a tax return feel greatly relieved that they are going to have some extra money coming in. Doesn’t matter whether this is a large or small amount anything is better than nothing. For students that are carrying a student loan they often become concerned as to what kind of tax credits they can actually claim. This is all going to depend on the current status of the student.

For those that are still in school the major credits that they can apply for is the American opportunity credit and the Lifetime Learning Credit; however students that are still being claimed as a dependent are not eligible for claiming these. The whole idea of the American opportunity tax credit was to assist students during the first four years of college. It is an annual credit of $2500 and there are specific criteria that the student has to meet.

As a student with student loans something else that you don’t want to forget about is the tax deduction for the student loan interest paid. You may be able to deduct up to $2,500 in interest that you paid. Again there will be qualifications that you need to fulfill in order to be eligible for this credit.

Most individuals who are looking for tax credits have found themselves in a serious situation with their student loans. These students should take the time to seek out a student loan debt relief attorney that can assist them with what options may be available to them to help get back on track with making their student payments, or in some cases it may be even having them eliminated

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