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Taking the Student Loan Interest Deduction

Student Loan Interest Deduction

When you take out a student loan to pay for your education or the education of your spouse or dependents, you may be eligible to claim the student loan interest deduction on the loan payments you make during the year. The maximum student loan interest deduction you can claim is $2,500. However, in order to claim any of your interest payments, you must use the student loan funds to pay the qualified education expenses for an eligible student at an eligible educational institution. Moreover, the maximum deduction begins to phase out if your modified adjusted gross income (MAGI) exceeds $60,000 or $120,000 if filing a joint return. But if your MAGI is more than $75,000 ($150,000 for joint filers) you are ineligible for the student loan interest deduction. For most taxpayers, MAGI is equal to AGI before taking the deduction for student loan interest.

Student Loan Interest Deduction & Qualified Education Expenses

The interest payments you make are only deductible on loan funds you originally use to pay for qualified educational expenses. These include tuition and fees, room and board, books and supplies and all other expenses that reasonably relate to enrolling in school, such as the cost of commuting to classes each day. However, any interest that accrues on the portion of a student loan you use to pay personal expenses with–such as vacations–is not eligible for the student loan interest deduction. For example, suppose you take out a $10,000 student loan in 2008 that accrues interest at the rate of 5% per year, but you use $2,000 of it to purchase clothes and other personal items. If you pay the $100 of interest that accrues during the tax year–you can’t deduct it on your tax return.

Eligible Educational Institutions

The IRS also requires that the student who uses the loan funds enroll in a program that leads to a degree or other recognized credential and registers for a sufficient number of courses to be considered at least a half-time student. Moreover, eligibility to claim the student loan interest deduction requires that the student attend a college, vocational program or any other training school that is eligible to offer students financial aid through the U.S. Department of Education. However, there is no requirement that you take advantage of the financial aid that the school offers to take the student loan interest deduction.

Reference: IRS Publication 970: Tax Benefits for Education