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Endowments: The bill would levy a tax of 1.4 percent on net investment income for well endowed private colleges. After an outcry from some universities, the language was adjusted so the tax would apply only to well endowed colleges with $250,000 or more in the bank per full time student. Student loan interest, tuition reductions and education assistance: If you make less than $80,000 and are paying back your student loans, you will no longer be able to deduct up to $2,500.

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