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re: Govt should incentivize student loan payback by allowing all payments to be deducted.
Posted on 11/16/17 at 11:30 am to Upperaltiger06
Posted on 11/16/17 at 11:30 am to Upperaltiger06
They don't need to incentivize payback. It is non bankruptable.
0
Posted on 11/16/17 at 11:41 am to slackster
quote:
Is the loan taxed as income when you receive it? Of course not, so your point is moot.
Generally speaking no loans are treated as income, but when you pay for tuition it is entirely tax deductible, even including the loan you recieved.
The problem of course is that 98% of college students make too little to take advantage of this, so its wasted (partly by design I am sure). Instead you get to pay back your tuition with post tax dollars- with interest.
The question is a good one, what would be the drawback from allowing either the principal of a student loan to be deductible at payment, or tuition paid in cash only (not loans). It would be uncle sam that would be most against this. Hell, its really a tax cut.
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