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.