While a student loan tax deduction lowers your taxable income, a tax credit reduces how much in taxes you have to pay. (studentloanhero.com)
This means that you can not lower your taxable income by contributing to the plan, as you would in a 401k. (lawyerist.com)
Homeowners can deduct mortgage interest from their gross income to help lower their taxable income when filing income tax forms. (mortgagecalculator.biz)