You can generally take the student loan interest deduction if all of the following apply:

• You paid interest during the tax year on a qualifying student loan.
• Your filing status is not married filing separately.
• You are legally obligated to pay interest on a qualified student loan.
• Your modified AGI is less than a specified amount which is set annually, and
• You or your spouse, if filing jointly, are not claimed as a dependent on someone else's tax return.

This deduction can reduce the amount of your income subject to tax by up to $2,500.

The student loan interest deduction is taken as an adjustment to income. This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040).

For further information, please click on this link: Student Loan Interest.