Got Student Loan Debt? Trump's Tax Plan Will Help Cost You More. Potentially Thousands For Some!
Donald Trump's new tax plan could potentially cost those in student loan debt even more money. What happened to rewarding people that want to invest in themselves with education? Does this no punish those that are working hard to better themselves and sacrifice for the future?
Student Loan interest deduction could be elimited under this tax plan. Currently, borrowers can deduct up to $2,500 in interest paid on loans for education. Doing the math, this could add up to thousands over the course of years for people that can barely afford to pay off their loans as it is.