Borrowers may be eligible to deduct the interest they pay on their federal student loans. The maximum student loan interest deduction for the tax year is $2,500. Interest deductions apply to Federal, private and MWU institutional loans. The amount of your student loan interest is phased out if your adjusted gross income is between $50,000 and $65,000 ($100,000 and $130,000 if you file a joint return). You cannot take a student loan interest deduction if your adjusted gross income is $65,000 or more ($130,000 or more if you file a joint return). Income restrictions may be subject to change.
For more information about the student loan interest tax deduction or other tax benefits, please consult your tax advisor or visit the Internal Revenue Service