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Re: Taxing the rich - what is the cutoff?
Quote:
Originally Posted by Sheriff Gonna Getcha
I racked up $240,000 in student loans (excluding interest) between undergrad and law school. My monthly payments are north of $1,000 per month and I'll be paying them until I am about ready to retire. If I wanted to pay them off quickly (which would make sense for the private loans, but not for the subsidized ones), I'd be looking at $2,400+ per month. If you are a similarly situated couple, have fun paying up to $5,000 combined in student loan payments per month.
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Look on the bright side, it' an investment in yourself and potential earning. Plus your interest is tax deductible, and I'm not sure about this one but couldn't you deduct your loan payment as an educational expense as well?
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