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Are student loans tax deductible? A guide to rules & limits

Mediafeed Logo By Austin Kilham of Mediafeed | Slide 1 of 15: Are student loans tax deductible? You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their taxable income.Getting a refund? Whether you’re considering putting it toward skydiving for the first time or you’re planning to use it to pay off more student loan debt, here are some things you should know about the student loan interest deduction and whether you qualify.Related: Should I refinance my federal student loans?

Student Loans and Your Taxes

Are student loans tax deductible? You betcha: If you paid on student loans in the prior tax year, you might qualify for the student loan tax deduction, which allows borrowers to deduct up to $2,500 in interest they paid from their taxable income.

Getting a refund? Whether you’re considering putting it toward skydiving for the first time or you’re planning to use it to pay off more student loan debt, here are some things you should know about the student loan interest deduction and whether you qualify.

Related: Should I refinance my federal student loans?

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