Deduct Your Student Loan Interest Payments

American Debt Project has a great reminder for those of us with student loans:  You can deduct your student loan interest as long as:

    • 1) Your MAGI (modified adjusted gross income) cannot exceed $75,000 as a single person or $150,000 as a married couple filing jointly.
    • 2) You’re not eligible if you are married filing separately. 
    • 3) The maximum benefit is $2,500.
    • 4) The loan must have been used for educational expenses at an eligible education institution.

 This includes the regular colleges and universities, but also trade schools, for-profit colleges and residencies at hospitals and healthcare facilities.

If you have not received your tax forms check online or give your loan company a call.