WHAT IS A STUDENT LOAN INTEREST DEDUCTION AND WHAT ARE THE REQUIREMENTS?
• You must have been at least a half-time student and enrolled in a degree-seeking program. • You must have used this Student Loan only for Qualified Educational Expenses, including: Tuition, Fees, Room, Board, Books, Equipment, Transportation, and other education-related expenses. • Your Adjusted Gross Income must be less than $50,000 ($100,000 if married filing jointly) for full Deduction; or between $50,000 to $65,000 (jointly $100,000 to $130,000) the Deduction decreases; over $65,000 (jointly $130,000) there is no Deduction. • You must file a joint income tax return if you are married. • You must not be claimed as a dependent by another taxpayer. You may be able to deduct up to $2,500 of interest you paid. • You may claim up to $2,500 per taxpayer for interest payments on Qualified Student Loans. • You may claim this deduction in addition to the Hope Tax Credit or the Lifetime Learning Tax Credit.
