This article is for information only and is not tax advice.
This article explains who can claim the student loan interest deduction and how much you can deduct. It's for anyone who paid interest on a student loan during the tax year.
About the deduction
The student loan interest deduction reduces the income that the IRS taxes. You claim it as an adjustment to income. The deduction is the lesser of $2,500 or the amount of interest that you paid during the year.
Nonresident aliens can claim this deduction if they meet every condition in this article.
Check your eligibility
You can claim the deduction only if every one of the following conditions applies to you:
You paid interest on a qualified student loan in the tax year.
You're legally obligated to pay the interest on the loan.
Your filing status isn't Married filing separately.
Another person doesn't claim you as a dependent on their tax return.
Your modified adjusted gross income (MAGI) is less than the annual limit.
Your student loan is from a qualifying US lender, such as a US bank.
If even one of these conditions doesn't apply to you, you can't claim the deduction.
Qualified student loans
A qualified student loan is a loan that you took out solely to pay qualified higher education expenses. The expenses can be for you, your spouse, or your dependent.
The education must be provided during an academic period for an eligible student. An eligible student is enrolled at least half-time, so you don't need to be a full-time student. You must pay or incur the expenses within a reasonable period of time before or after you take out the loan.
Form 1098-E
If you paid $600 or more of interest on a qualified student loan, your loan servicer should send you Form 1098-E, Student Loan Interest Statement.