Tax Deductions for Interest Paid on Educational Loans
Program Purpose
To reduce the cost of education loans for borrowers during repayment.
Eligibility Requirements
- Meet the IRS requirements.
Award Amount
The maximum limit for interest deductions is $2,500 or the amount of the interest you actually paid on qualified educational loans during the tax year.
Application Process
Refer to instructions provided on your tax forms for information on specific requirements for claiming this deduction.
Additional Information
For information on including this tax deduction on your federal tax return, contact the IRS at 800-829-1040 or view IRS publication 970.
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