what is the student loan interest deduction
Student Loan Interest Deduction You might be paying back loans you took to finance higher education. If so, you could qualify to deduct up to $2,500 of interest per return per year. You can claim the student-loan interest deduction as an adjustment to income. You donât need to itemize deductions to claim it. Student loan interest is interest you paid during the year on a qualified student loan. A qualified student loan is a loan you took out only to pay qualified education expenses that were: