If you're like me and you hate, hate, hate paying those student loans, then you definitely, definitely, definitely wanna watch this video. Yeah, when are we starting? We're starting right now. - Hey, what's up guys? This is Eli with Builder Tomorrow, a channel dedicated to everything and anything personal finance. We believe in spending less than we earn, saving money, paying down debt, making sound investments, but most importantly, we believe in investing in ourselves. So if you are new here, consider subscribing. - Alright guys, now in order to explain the student loan interest deduction, we're going to start with an example right from the beginning. - Alright guys, before we jump into the example, let me say that like most government-related tax deductions, this stuff really targets the middle class. So if you're a taxi driver, a bus driver, a maid, a waiter, a restaurant manager, a flight attendant, a home attendant, any of that stuff, this stuff really targets you. So get excited because you can be getting some money back. - Alright guys, now with any example, we need, or we should start with income, right? And so since the student loan interest deduction targets the middle class, then we should have an income that reflects that of the middle class. So in 2015, if we take all the incomes and order them from least to greatest, the one right in the middle, aka the median household income, was $55,755. - So we're going to use that as our income in our example. Also, we're going to file as head of household, so our standard deduction is going to be $9,300. For all those that don't know but wanna know, the standard deduction brings down your taxable income. So since our income is about $55,755 and our standard deduction is...
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