Paying interest is no fun. But if you have student loan debt, you don’t have much choice.
Wouldn’t it be great if the government gave you a break on that student loan interest you pay each year?
Well, here’s some good news: You might be able to deduct a portion of student loan interest from your taxable income — up to $2,500 — thanks to the student loan interest tax deduction. Find out if you qualify for this deduction and learn how to claim it below.
How the student loan interest tax deduction works
The IRS lets you claim the student loan interest tax deduction on Form 1040, Line 33. Because it’s considered an “above the line” deduction (i.e., an adjustment to...