Student Loan Interest Deduction

[TAG]

What's the best strategy for someone paying more then the $ 2,500 max in student loan interest per year?  My thoughts : just pay up to the 2,500 / year in hopes that Obama forgives the SLI.  There doesn't seem to be any way to bank the excess over the 2,500.

[Jack from Ohio]

What's the best strategy for someone paying more then the $ 2,500 max in student loan interest per year?  My thoughts : just pay up to the 2,500 / year in hopes that Obama forgives the SLI.  There doesn't seem to be any way to bank the excess over the 2,500.

That is NOT a working strategy.  Client WILL repay the student loans one way or the other.  Telling a client not to pay a Federal obligation puts them and you in a very dangerous situation.

[MsTabbyKats]

Since only the interest is deductible....only a portion of his $2500 will go towards the deduction.

 

Not good advice.....for multiple reasons.

[Elrod]

When you sign.....You PAY.