Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one year, will I only be tax liable for $30,000 of income? Or does this only apply to loan interest payments?
From this question it seems that only $2,500 maximum of interest is deductible, and payments beyond that are not, but I'm really not sure, thus the question!
