Tax Trails - Student Loan Interest
Student loan interest is interest paid by you, or on your behalf, during the year on a qualified student loan. The maximum benefit can be found in Chapter 4, Student Loan Interest Deduction, of Publication 970, Tax Benefits for Education. The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). You must meet several requirements to take this deduction..