Word: states
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Dates: during 1990-1999
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...Massachusetts state budget contains a new tax cut for college students and their parents...
...budget signed this month by Gov. A. Paul Cellucci allows students and parents to deduct a percentage of the interest on undergraduate student loans from their state income tax. The cut exists for the entire length of the debt as long as the debtor lives in the Commonwealth...
...years, the state has copied the Federal government's model. The tax deduction was capped at $1,000 in cumulative savings over the first five years of repayment...
...when the change takes effect, a student leaving college with $30,000 in loans at 8 percent interest--the rate for Harvard's student loan program--would owe $2,400 in interest the first year and would save $142 on state income taxes. The interest and savings would both decrease as the principal is paid...
Offering a full deduction on student loans will keep more college-educated in the state after they graduate, said the sponsor of the budget provision, state senator Cheryl A. Jacques (D-Norfolk, Bristol and Middlesex...