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How the Tax Bill Affects Students and Families Paying for College

The following article by Tara Siegel Bernard and Guilbert Gates was posted on the New York Times website November 7, 2017:

The tax legislation that House Republicans proposed last week includes several changes that could affect student loans: the ability to deduct the interest on your loan would be eliminated; tuition paid by an employer would become taxable; and three existing tax breaks would be consolidated into one.

It’s hard to immediately tell how any one person would fare because of the wholesale change across the entire tax system. For example, while some part-time students would lose a popular tax break because they don’t take enough classes to qualify, other individuals may see their tax burden fall because of a significant increase in the standard deduction.

View the post here.

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