Student Loans

How the Tax Bill Affects Students and Families Paying for College

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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.

There are other changes as well, and the impact will vary depending on your situation. These two scenarios calculate how much taxpayers would owe under the current system, and how their tax bill might change if the Republican plan becomes law.

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Wendy Pettit

Wendy Pettit is a writer for NYT and writes for other publications on her spare time. She lives in Chicago with her husband and her dog Zuko.

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