One demoralizing aspect of paying student loans is the interest. Each month, only some of the money you send off is actually going toward the principal - and your education is costing far more than the sticker price.
Fortunately, Uncle Sam offers a student loan tax deduction that can reduce your taxable income by up to $2,500.
Check out the flowchart below to find out if you qualify to take the deduction and potentially save money on this year's taxes.
This infographic originally appeared on StudentLoanHero.com: [Infographic] Find Out if You Qualify to Take the Student Loan Interest Tax Deduction
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As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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