Claiming a student loan interest deduction


Graduation cap on top of pile of moneyA good education is a valuable commodity. It can even pay off for you at tax time if you took out a loan to further your schooling.

You might be able to deduct up to $2,500 of the interest you paid on a student loan last year. Your interest will be reported on the Form 1098-E or a similar document you receive from the lender. If the amount of interest shown on that form is less than $2,500, you can deduct only the actual amount of interest you paid.

Any amount you can deduct, however, will help reduce your taxable income, possibly giving you a smaller tax bill…

Claiming a student loan interest deduction


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