Interest expense attributable to a student loan is completely deductible assuming the proceeds are used to pay tuition and other related fees.

Question

Quizplus · Accepted Answer

The deduction for student loan interest has income phase-out limits, meaning if your income exceeds certain levels, the amount you can deduct is reduced or eliminated. Additionally, there are limits to the amount of interest that can be deducted annually.

Interest Expense Attributable to a Student Loan Is Completely Deductible