Student Loan Interest Deduction

Taxpayers who have taken loans to pay qualified higher education expenses for themselves, their spouse, or their dependent may be able to deduct interest paid on these student loans.

IRS Form 1098-E: Student Loan Interest Statement:

What is it?

A financial institution, governmental unit, educational institution or any other person that is engaged in a trade or business and, in the course of such trade or business, received interest of $600 or more on a student loan in the calendar year must furnish this form to you. 1098-E statements are mailed to students by their lenders.