The student loan interest deduction is a tax break for college students and their parents who took on debt to pay for school.
The student loan interest deduction allows you to deduct for the interest which you paid during the year on qualifying student loans.
Student loan interest is deductible if, the maximums are a single taxpayer's MAGI of $85,000 and a joint taxpayer's MAGI of $170,000.
The student loan interest deduction allows borrowers to deduct up to $2,500 of the interest paid on a loan for higher education directly on Form 1040.
In general, your student loan interest deduction is limited to the lesser of, The amount of interest you paid throughout the tax year, or $2,500.
Tuition and fees for colleges, Room, board, and other living costs, Books, supplies and equipment, transportation are qualified educational expenses.