Deducting Student Loan Interest at a Glance
Per H.R.5771, passed Dec. 19, 2014, the Student Loan Interest Deduction has been extended for the 2014 tax year.
You may be able to deduct up to $2,500 of the interest you paid on a qualified student loan. The deduction is claimed as an adjustment to income.
Publication 17, Your Federal Income Tax - Chapter 19, Education-Related Adjustments - See Student Loan Interest Deduction for essential guidance