Can I deduct student loan interest?

You can deduct up to $2,500 of student loan interest paid each year as an above-the-line deduction (no itemizing required). The deduction phases out for single filers with MAGI between $80,000 and $95,000 and for joint filers between $165,000 and $195,000 in 2024. The loan must have been taken out solely to pay for qualified education expenses, and you cannot be claimed as a dependent on someone else's return.