I wish interest paid on private loans was tax deductible!

like
Posting as :
works at
You are currently posting as works at

Yeah, that would be nice for sure. But that might make it just a bit easier for people, and apparently we can't have nice things.

like

We sure can't

Honestly, that's a really good point. I never thought about that. I feel like they tax you on everything, but we should have more tax deductions available to us.

like

Exactly!

My private student loan interest is tax deductible. I refinanced my federal student loan for lower interest (currently at 4%) and I get my tax form for it every year. The unfortunate thing is my parent is the borrower and not me so I can’t collect it though as the form needs to be for you.

You may wonder why we did it this way. The reason is my parent is not in greatest of health so on paper she is carrying the debt even though I make all the payments. If parent passes away (which most likely will be in next few years) then I would get forgiveness.

Very much so. Thank you.
Also the parent is diabetic and cancer survivor so even getting life insurance is very hard to be able to pass on something. We figured debt forgiveness seemed like a good strategy if possible. I have managed finances well for the family. I am 27, have a good job living at home with $400K in savings / 401k now from working.

Related Posts

Anyone have any legitimate passive income? I’m talking about something that takes sizeable upfront time investment to get going, but takes <5 hrs a week to maintain.

like

How long does it take to get ofc Laptop after DOJ?

like

Can I save tax by buying second house if first house is already in my name?

Looking to buy an 💍. Might make a trip to India in 6 months. Any advice on helping me make the decision to buy in US vs India?

like

After todays announcement of a fed rate hike of 75 bps, Mortgage rates over the next couple of months will likely remain within 0.25% to 0.50% of todays range. Unless the fed throws a curve ball in their remaining meetings, the remainder of rate hikes have already been baked into mortgage rates currently being offered.

How much do you all have invested in safer funds vs stocks (outside of retirement accts)?
Currently at a NW of ~350k and have 125k in funds and around 70k in stocks, including ESPP. I’m fairly young (late 20s) and wondering if I should throw more into the stock market over the next few months or wait it out for a correction

like

I have been searching for a travel card for months. I am a young guy who is looking to take advantage of credit and earn points at the same time. Cap One just released an interesting new premium travel card with a lot of seemingly good perks (Venture X). I also looked at the CSP and the Southwest Priority card. My girlfriends family has Southwest and swear by it, with companion pass being the differentiator. I am in the DMV area and have mostly flown Jet Blue or Southwest. Any thoughts on this?

like

Is this a good time to move from pre-tax 401K to Roth IRA? We have been one income family last 4 months but I still expect year income to be in $250K-$270K range. Considering conversion for $40K amount.

like

If you were 22 years old with $55k in cash and $14k in student loan debt what would you do?

like

Can someone calculate income tax on below, new and old regime with no investment no rent

Post Photo
like

Good traders tend to be flexible. I can make money in all kinds of markets, being a bull or a bear. Today was a headscratching day. We rallied a lot farther than we should have. We bounced in place's we shouldn't have. So, I have to ask myself? What the hell happened? While I made money today, I should have made lots more money. Remember the tip that markets don't count Pre-NY Mondays. If I decided to do my from last weeks low as opposed to today's low. I'm bullish. Additional info in reply post

Post Photo
likehelpfulsmart

My portfolio has been stagnant for a week now. Last few times this has happened, market has tanked. Anyone else feeling we’re at an event horizon soon?

like

Hpw do I buy alt coins? Deloitte, a u tattooing?

like

Is an IPO in anyone’s FIRE strategy? Maybe this is specific to the Bay Area, but it doesn’t seem that unrealistic to negotiate enough equity to make $1.5 mill off an IPO. Or maybe I’m dreaming 😂

like

New year checklist for amex plat, CSR, Delta, and AA? :)

like

How much has stock options changed anyone’s life here? Just started at amazon and I received 1500 shares post split. But obviously the vesting schedule is so long over 4 years and morale certainly will be up and down. I feel I’d be crazy to walk away before then and miss out.

like

How do people here reduce their tax bills? Me and my SO earn about 400k gross and take standard deduction. We don’t own real estate, only S&P500.

like

Is now a good time to buy property in London? For investment purposes.

Thanks

like

We bought a condo in February 2022 then as you know prices are going down while rates are flying up 😭 We're quite worried about the value of our home and can't really enjoy it. What's your thoughts about this? PS. First time home buyers 🤫

like

More Posts

Hi People,

I wanted to ask a query on how consultants work. A friend of mine is working for a company in Toronto. The work is super hectic. She works for about 12 hours per day. Also, they say she’s not allowed to take days off for a year. Is this even legal?

like

Debt Finance nyc biglaw attorney considering a move to Houston for financial reasons. Can anyone tell what it would be like (the good and bad)? I see a lot of firms including mine paying the same salary and wonder what would I not like?

like

recommendations for firm with good real WLB and open to remote work in Dallas or Atlanta? Doesn’t have to be true big law. Terrified to get it wrong…again… for the 4th time. 6th year Real Estate.

like
like

What is the salary range for C11 data Analyst at Citibank? And how much salary hike is expected from current CTC?
Currently working as software engineer with 6lpa Citi

like

I am an Associate Consultant and I work in Oracle having CTC 8,22,950 and I am switching in Data Analyst and Business Analyst profile. How much should I expect my new salary?

Just wondering about how is the WLB in HSBC account of Synechron, Pune? I am reading so much of pros and cons on Glassdoor and here. Some are saying the cons like Hire and fire are a FAKE news.

I have the highest offer in hand from Synechron with HSBC client. Please help me make up my mind whether I should join them or not..?

I have another offer with LTI as well but just a marginal difference in pay, and the Location is Mumbai. Should I choose LTI instead?

Please Help!!

#LTI #Synechron

like

Hi! Currently interviewing for CPI. Would love to hear your interview process. Any tips would be appreciated. (Also, is CPI a good department to go into?)

Trying to transition and looking for a general progression of how you would go from essentially zero to entry level job as quickly as possible?

Currently going through the CS50 course to get a very basic introduction. Trying to avoid going back to school but open to boot camps if the community thinks they're with it.

Thanks in advance!

likesmart

Creative director at my agency says he prefers to do all the work himself while leaving very little creative freedom for us designers. He says he "knows what he's doing". I want out but pay is good! Advice?

like

Has anyone seen any changes with the helpful content update from Dec 5th yet?

likehelpful

Hi All,

I have joined UST a Month ago and still waiting for a team alignment. Could some one tell me the alignment process.

What's going on with XLM? I thought it was dead.

like

Hi, anyone working with DBS could refer me for a position ?

like

My joining in EY India is on 3rd Nov. I have not got any details regarding 1st day. Anyone having same issue ? When should I expect the first day onboarding email ?

likefunny

I am interviewing for a paralegal/legal assistant position and coming from the insurance underwriting field. Any tips or suggestions of topics/products/etc to research/be aware of going into the interview? Are there any designations or schooling I should be looking into if I decide to make the career change?

like
like

Hello all,
Looking for a consultant position in healthcare consulting. I have an MBA with 5 years in the healthcare industry, 7+ years of strategic program/project management and I’m am lean six sigma green belt certified. Know of any companies currently hiring? (I am willing to travel. )

Feel free to PM me to further discuss.

like

Additional Posts in Student Loans

Are you doing what you thought you would be when you took out your student loans? If so, do you feel like taking out your loans was worth it?

likefunny

SOFI or who else?

Curious to know how much your student loans were when you graduated from your program, how much you’ve paid off so far, and your age. If you have any varying factors too, like kids, income range, etc. Just trying to see if I’m on track or slacking in life. I am 34 yo, i graduated with 95k in student loans, i currently have 85k left and i make 85k in come. I’m also a single mom with two kids. Just praying for 100% student loans forgiveness. Wishful thinking???

like

Has anyone refinanced their student loans on h1b visa? Is common bond the only option?

In a perfect world how much would you want to make a year to both pay off your loans and live a good life? I think I'd need to make upwards of $200k to pay off my loans, take care of my family and live a fulfilling life.

like

I have a 25K loan from my MBA. I paid off 100k whole, after graduation. 3 years ago, I moved my loan from federal to private ( SOFI) account. I recently lost my job. I have applied for unemployment, as the severance that I received will only cover for 2 months. Together my husband and I used to make less than 250k after tax. Now, with a loss of pay , we are going to make less. Do you think I will be eligible for Loan forgiveness?

like

Does having student loans impact your ability to get a mortgage?

like

LCSW 50k loan repayment- Has anyone been granted a contract through the National Health Service Corps Loan Repayment Program? I’m interested in applying for the 2 years of full time work as an LCSW but my loans are a bit under 50k so I’m wondering if they would only give me what I need to clear my loans or would I still get 50k as long as I complete my contract ?

Can grad students get $20k forgiven if they got Pell in undergrad but outstaning loans are only for grad school?

like

If you didn't have to pay off any more of your student loans what would you use the money for instead? I'm stuck between something impractical like a trip somewhere or something I need like a new car lol

like

If you could go back in time what would you tell yourself before taking out student loans?

like

Not mad that student loans being paused means I can use the money for Christmas. Are you still making payments during the pause? Or are you saving the money for something else. My christmas present to myself is a spa day!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal