Don’t Miss This $2,500 Tax Break for Paying Your Student Loan

Do you qualify for the student loan interest tax deduction this year?

College graduation cap with $ sign for student loan interest
(Image credit: Getty Images)

If you paid student loan interest last year, you could qualify for a tax deduction worth up to $2,500. You won’t receive that money back as a refund since the student loan interest deduction isn't a tax credit, but taking advantage of the deduction can help you reduce your taxable income.

However, the IRS has strict rules for who can claim the deduction, and not everyone qualifies for the maximum amount.

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Filing StatusMAGIDeduction Amount
Single, head of household, or qualifying surviving spouseLess than $75,000Full deduction
Married filing jointlyLess than $155,000 Full deduction
Single, head of household, or qualifying surviving spouse$75,000-$89,999 Reduced deduction
Married filing jointly$155,000-$184,999Reduced deduction
Single, head of household, or qualifying surviving spouse$90,000 or moreNo deduction
Married filing jointly$185,000 or moreNo deduction

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.