Question:   What are the limits for deducting interest paid on a student loan?

Answer:   The maximum deductible interest on a qualified student loan is $2,500 per return.

There is no deduction if any one of the following is true:
• You file as married filing separately,
• You are claimed as an exemption on someone else’s return,
• The loan is from a related party or a qualified employer plan,
• You are not legally obligated to pay interest on a qualified student loan, or
• You did not pay interest on a qualified student loan.

There are limits based on your filing status and adjusted gross income.