Student Loan Tax Deduction

Up to certain limits, the interest you pay on student loans may be tax deductible. Unlike some other tax deductions, you do not need to itemize expenses in order to benefit from this deduction. For single filers and married couples filing jointly, up to $2,500 in student loan interest may be tax deductible.

Potentially deductible interest from the first year of repayment: .

Important Notes: In order to take advantage of this deduction, you must meet requirements set by the Internal Revenue Service. Couples filing jointly can deduct a total of up to $2,500 (not $2,500 per person). As you repay your debt, the amount of interest you could deduct shrinks each year.