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The deduction of the interest paid on qualified educational loans, have been expanded by the 2001 tax laws.

  • If, your income is under $60,000 and you are single – you are eligible for a full deduction of interest on qualified higher education.
  • The income limit for joint filers is $125,000.
  • However, there are limits beyond which the benefits will phase out are $60,000 and $125,000 for single filers and joint filers respectively.
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