Student Loan Interest Deduction: Who Can Claim

You get the amount of qualified interest you paid during 2023 from the organizations to whom you owe the interest on Form 1098-E. Any lender to whom you paid $600 or more in interest in 2023 is required to send you this form. Follow along as we explore how the student loan interest tax deduction works, who qualifies and how to claim it. You may have paid less than that amount with federal interest rates at 0% and payments suspended for all of 2023.

  1. Under “Find the Right College or Career School,” we link you to College Scorecard to compare just about any school.
  2. Aside from the delayed publication of the new regulations, officials have not publicly stated that hardship-based loan forgiveness would be on a substantially different timeline.
  3. If they are held by the Department of Education, they are also covered.
  4. The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they’re inquiring.
  5. However, officials have repeatedly eyed this fall for implementing relief under the new program.

Is it worth claiming student loan interest on your tax return?

Topic no. 456, Student loan interest deduction

Allocating student loan payments between interest and principal