According to Marketwatch, student loan debt reached a total of $1.2 trillion dollars in 2016.
That is trillion with a "T."
The average per student from this amount is about $35,000, and it does not show signs of slowing down. These high debt totals are leading to difficult financial situations for young graduates that aren't able to find a good job after college. The good news is that according to USA Today, student loan interest is one of the most overlooked tax breaks when it comes time to file. Each year, up to $2,500 of student loan interest can be deducted from the tax bill which would mean $625 saved for someone in the 25 percent tax bracket. Be sure to check with the servicer of the student loan for the required tax documents.
