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Guidance Counselors College and University Administrators
Home : Planning Essentials : Tax Advantages

Financing an education has its (tax) benefits.

Saving for a college education and borrowing with MEFA's low cost loans are both smart decisions. Especially when you consider the potential tax advantages:
  • You can benefit from significant tax advantages when you save for college.
  • Get the tax advantages of a home equity loan and benefit of MEFA's low interest rate with MEFA's Home Equity Option.
  • If you file a tax return and owe taxes, your family may be eligible for tax credits including the HOPE Scholarship Tax Credit and Lifetime Learning Tax Credit.
  • Tax deductions are expenses that you may report to reduce the amount of your income on which you are taxed. You can deduct interest on student loans and interest on tuition and fees.
For more information on Tax Advantages, link to the IRS official web site(PLEASE NOTE: Clicking on this link will take you away from the MEFA web site.)