It’s tax season, and hopefully, for you, that means getting some of the hard-earned money you made the year before, back into your pocket – and if you’ve paid interest on student loan debt, you may.

Each year, when you file your taxes, you can deduct the interest that you paid on student loans the year prior. Depending on how much you earned, how you file your taxes, and how much interest you paid, you can get money back in your pocket at the top of the year. However, the yearly interest deduction cap is $2,500 and you can’t get money back for interest payments of more than $2,500.  Here are some other stipulations:

1. You must have paid interest on student loans during the tax year.
2. You cannot earn more than $80,000 per year ($160,000 if married).
3. You cannot be claimed as a dependent on someone else’s tax return.
4. Your filing status cannot be married filing separately.

With the income stipulations, you may not qualify for the student loan deduction, so what now? can be a great way to save on your student loan debt, especially if you don’t qualify for the student loan interest tax deduction. Laurel Road customers save more than $20,000 on average over the life of their loan.

If you refinance your student loans, you may be able to reduce your monthly payments and save all year long not just at tax time.  Learn more about Laurel Road student loan refinancing .

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Average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.

Laurel Road Bank does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors before engaging in any transaction.

The post How to Get a Return on Your Student Loans During Tax Season and all Year Long appeared first on AMSA.

The NHSC experience, with Director Luis Padilla, M.D.

Do you have a plan to stay in control of your specialty choice, or is debt going to drive your career? No matter what values a student brings with them to medical school, the cost of their training and the weight of their student loans puts a lot of pressure on their specialty choice. Some may even avoid medicine as a career choice because of the costs. But for those who are really committed to primary care and community-oriented medicine, there are options. The National Health Service Corps is one of those options.

In addition to awarding scholarships and loan repayment in exchange for commitments to serve in designated underserved areas after residency, the National Health Service Corps’ Students-to-Service program takes applicants in their final year of medical school for up to $120,000 in loan repayment in exchange for three years of service. With the application process for the Students-to-Service program opening in mid-August, we bring you a conversation with Dr. Luis Padilla, director of the National Health Service Corps, about his own experience as a National Health Service Corps scholar, as well as what they are looking for in their applicants.

If you are looking for more information about the Students to Service Program, check out the 2016 application guidance and program specifics .

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