Student Loan Interest Deduction
Internal Revenue Service (IRS)
What is this?
Above-the-line deduction for student loan interest — you don't need to itemize. Reduces your taxable income.
Am I eligible?
US taxpayers who paid interest on a qualified student loan during the year. Income limits apply (phase-out around $85k single / $175k joint MAGI). Loans must have been used for qualified education expenses for you, spouse, or a dependent.
Target audience:
Eligible sectors:
What do I get?
Up to $2,500/year deduction
Benefit details may vary based on your eligibility and location.
How to apply
Report on Schedule 1 of Form 1040 when filing your federal tax return. Your loan servicer should send Form 1098-E.
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