I am paying my student loans back. Is there a student loan tax deduction I can take? Or is there a student loan interest deduction I can claim?

Yes, there is a student loan interest deduction available. You can deduct up to $2,500  of your student loan interest if all of these apply:

  • You're legally obligated to pay interest on a qualified student loan.
  • You paid interest on a qualified student loan.
  • You aren't married filing separately.
  • Another person doesn't claim either you or your spouse as a dependent.

A qualified student loan is any loan you took out to pay qualified higher education expenses for:

  • You
  • Your spouse
  • Your dependent

You can't deduct the principal payments on a student loan, the student loan tax deduction is only available on the interest paid.

 

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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