this post was submitted on 05 Sep 2023
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interest on student loan paynents, not even the full amount you pay.
Paying off principal is essentially shifting money from one pocket to another so it doesn't really make sense to get a writeoff for that.
Why? If I am required to pay a certain amount of money back each month with interest and I have absolutely no way to wipe that debt away other than repaying it, why am I also getting taxed on that money as income? I am required to have a degree to earn money and I cannot pay for a degree without federal loans so why am I getting charged twice for them?
The idea is that you were "given" that money when you got the loan and you weren't taxed on the value of the loan when it was provided to yoy, so you can't deduct it when you pay it back.