Student Loan Interest Deduction
The student loan interest deduction allows you to deduct from your gross income a portion of the interest you pay on student loans. The maximum deduction is $2,500.
To take the deduction, you must meet several requirements:
The interest must be paid on a qualified education loan that was used to pay qualified higher education expenses (for a definition of these terms, see Questions & Answers). Generally, federal student loans, private bank loans, college loans, and state loans are eligible.
You must have incurred the debt while you were enrolled on at least a half-time basis.
If married, you must file a joint return.
In 2019, to take the full deduction, your modified adjusted gross income (MAGI) must be under $70,000 for single filers or under $140,000 for joint filers. A partial deduction is allowed for single filers with a MAGI between $70,000 and $85,000 and joint filers with a MAGI between $140,000 and $170,000. For information on how to calculate your deduction if your MAGI falls within these ranges, see Questions & Answers.