What are the tax implications of student loans?
An example of an AI chatbot conversation about student loans and their tax implications.
What are the tax implications of student loans?
Student loans generally do not affect your taxes directly, but there are some implications to consider.
Can I deduct the interest I pay on my student loans?
Yes, you can deduct up to $2,500 of student loan interest on your federal tax return if you meet certain income requirements.
What happens if I default on my student loans?
Defaulting can lead to wage garnishment, tax refund offsets, and damage to your credit score.
Are there any tax benefits for student loan forgiveness?
Yes, under certain programs, forgiven student loans may not be considered taxable income, but it depends on the program.
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