If you're in school, select the number of years until graduation to calculate deferred and interest-only options.
Amount Borrowed
Monthly Payment
Total Cost
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.
Materials presented in MoneyEdu are prepared by Decision Partners LLC on FDCU's behalf. Although every effort is made, the accuracy, completeness and timeliness of the content cannot be guaranteed. The information is for educational purposes only and is not intended to provide legal, financial, or tax advice.