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While there isn't a student loan tax credit for borrowers who are repaying student loans there is a tax deduction for up to 2500 in student loan interest that allows qualified borrowers to reduce taxable income There are also a few credits you can take to help cover costs while you're in school.

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The Pell Grant is a form of need-based federal financial aid that typically does not have to be repaid which makes it highly desirable It is awarded by the US Department of Education to help eligible low-income students pay for college costs including tuition fees room and board and other educational expenses.

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