May A Former Student Whose Loans Are Already In Repayment Deduct The Interest They Pay On A Student Loan On Or After January 1, 1998?
Yes, but they may deduct only those payments made during the first 60 months that interest payments are required on a loan. If interest payments on a student loan were first required before January 1, 1998, the months in which those payments were required count against the 60month time limit for that loan. The 60month period may run out at different times for different loans.
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