Monday Mapday: Student Loan Interest Deductions

Ah, fall is in the air.  The mornings are becoming increasingly crisp and cool, the stores are unpacking all of their Halloween merchandise, football season is in full swing, and metro Atlanta students returned to school six weeks ago!

If your children are college age, returning to school this semester may have meant taking out student loans to help cover college costs.  And, if your children are recent graduates, those student loan grace periods will soon be ending, meaning repayment of those loans (and the interest accrued) is fast approaching.  However, fear not, recent grads with student loan debt, as that interest you’ll be paying can be deducted from your income taxes (up to a max of $2,500)! And, if you take that deduction, you’ll be in good company!  The map below displays the average amount of student loan interest deductions by zip code in metro Atlanta, with the highest interest deductions (indicated by the darkest green shades) exceeding $1,127 or more.

Source: Internal Revenue Service, 2015 via PolicyMap
Note: Average amount of student loan interest deductions reported on 1040, 1040A, and 1040EZ forms filed with the IRS for the tax year 2015. More information is available from the IRS. Average includes only returns with student loan interest deductions. The average is suppressed where fewer than 10 returns are filed with student loan interest deductions.
By | 2017-09-18T21:02:08+00:00 September 18th, 2017|Education, Monday Mapday|Comments Off on Monday Mapday: Student Loan Interest Deductions