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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 don'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:
Loans from these sources aren't considered qualified student loans:
Qualified education expenses are the total costs to attend an eligible school. This includes graduate school. The costs include:
You can usually claim this deduction if you meet all these requirements:
If you're married filing jointly:
If you're filing as single, head of household, or qualifying widow(er):
To learn more, see Chapter 4 of Publication 970: Tax Benefits for Higher Education at www.irs.gov.