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CNN Money

How tax reform could affect families paying for college

By Katie Lobosco

At public colleges, where the average tuition is $10,000, this change could increase your tax bill by $3,765 a year, according to a calculation done by Eric Bronnenkant, the Head of Tax at Betterment.

For private colleges, where the average tuition is $35,000, it could increase your tax bill by $11,295 a year. (Both calculations assume a federal tax rate of 25% and a state tax of 5%.)

The Senate version of the bill would preserve this tax break, which is known as the qualified tuition reduction.

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This article originally published November 16th, 2017 on CNN Money.