Interest payments made on a qualified student loan may be
deductible, even if you do not itemize deductions.
The maximum amount of student loan interest that can be deducted
A qualified student loan is a loan you took out to pay qualified
higher education expenses. The expenses must meet these
A qualified student must have been enrolled in a degree,
certificate or other program leading to a recognized educational
credential. The educational institution must be eligible and the
student must have carried at least one-half of a normal full-time
workload for the course being studied.
Qualified higher education expenses are the costs of attending
an eligible educational institution, including graduate school:
An eligible educational institution is a college, university,
vocational school or other post-secondary educational institution
eligible to participate in a student aid program administered by
the Department of Education.
Costs incurred for eligible expenses must be reduced by:
You cannot claim the deduction if any of these are true:
The amount of the student loan interest deduction is reduced or
eliminated if your modified adjusted gross income (MAGI) exceeds
limits based on your filing status.
If your filing status is married filing jointly the credit is
reduced when your MAGI exceeds $120,000 and is eliminated when your
MAGI is greater than $150,000.
If your filing status is any other qualified filing status
besides married filing jointly, the credit is gradually reduced
when your MAGI exceeds $60,000 and is eliminated when your MAGI is
greater than $75,000.
For more information see IRS