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Save Student Aid

Save Student Aid! is a campaign led by the Student Aid Alliance, a coalition of higher education organizations united in support of federal student aid programs.

Visit the Student Aid Alliance External Link

Student Loan Tax Issues

Looking for help with your student loans? Visit AAMC’s FIRST for Medical Education.

Lifetime Learning Credit: The Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of up to $2,000 on the first $10,000 of college tuition and fees. You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses.

Beginning in 2007, the amount Lifetime Learning Credit is gradually reduced based on adjusted gross income.

Student Loan Interest Deduction (SLID): Current Internal Revenue Code (26 USC Sec. 221) allows for borrowers to deduct up to $2,500 of interest paid on qualified student loans. The maximum allowable deduction is gradually reduced based on adjusted gross income. Furthermore, dependents are not eligible for the student loan interest deduction, and other assistance, such as employer contributions and scholarships, must be reduced from the total costs incurred.

Contact

For non-legislative questions contact AAMC FIRST:
Financial Information Resources Services and Tools
Email: first@aamc.org


Joseph Bañez
Legislative Analyst
Telephone: 202-739-2995
Email: jbanez@aamc.org

On Government Affairs


Testimony and Correspondence





External Resources