Two money-saving tax deductions

Student Loan Interest Deduction

You can deduct up to $2,500 per year of your loan interest and fees. This deduction is available for all education loans. 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

Tuition and fees deduction

You may also claim a tax deduction for qualified higher education expenses — including tuition, fees, room and board, books, and equipment — based on your AGI (Adjusted Gross Income).

Tuition and Fees Deduction Eligibility Based on AGI
Tax Status	AGI	Credit
Single	Up to $80,000	$4,000
Married filing jointly	Up to $160,000	$4,000

This benefit cannot be used in the same tax year as the HOPE Scholarship Tax Credit or the Lifetime Learning Tax Credit.

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.