$74,000 in student loan debt repaid in 2 years

Parent Cafe
14

<p>“While it makes for a good story, it was probably not the wisest financial decision. Student loan interest is a tax deduction.”</p>

<p>Absolute misinformation.<br>

  1. As a single filer he makes too much money to claim the student loan interest deduction. period.
  2. The maximum deduction is $2500 of interest. Are you advocating paying $2500 of loan interest in one year for a deduction he doesn’t qualify for?<br>
  3. That $2500 deduction was not going to move him from one tax bracket to another even if he could use it.
  4. 15% tax bracket? Seriously? That would be like $36,250 for a single filer. He is not getting there.
  5. He makes too much for a deductible IRA also…</p>

<p>This is about as rational as the folks that don’t want to pay off their mortgages because they will lose the tax deduction…</p>