When you borrow money for college or graduate school, you're eligible for a
Student Loan Interest Deduction on your taxes. Take advantage of it, and save money.
The Student Loan Interest Deduction is available for
all education loans, including
You may deduct
up to $2,500 per year of your loan interest and fees. The amount of your deductions is based on your AGI (Adjusted Gross Income).
| Student Loan Interest Deduction Eligibility Based on AGI |
| Tax Status | AGI | Credit |
| Single | Up to $65,000 | Full credit |
| Married filing jointly | Up to $135,000 | Full credit |
If your income exceeds these limits, you may want to explore
MEFA's Home Equity Option.
Learn about other
tax advantagesfor education expenses.
We strongly recommend that you consult an expert tax advisor to discuss how the regulations apply to your particular situation, or that you review the tax laws and applicable regulations to determine whether the interest paid on your educational loan is deductible. MEFA cannot ensure that interest paid on individual loan(s) will be deductible.