Student Loan Interest Deduction Calculator
You can deduct up to $2,500 of student loan interest — but the deduction phases out at higher incomes. This calculator shows your deductible amount and the tax you save.
How this calculator works
You may deduct the interest you actually paid, up to $2,500, as an above-the-line deduction — no itemizing needed. The deduction phases out between $85,000 and $100,000 of modified adjusted gross income (single) or $170,000 and $200,000 (married filing jointly); the calculator prorates your deduction inside those ranges, then multiplies by your marginal rate to show the tax saved.
Frequently asked questions
Who can claim the deduction?
You must be legally obligated to pay interest on a qualified student loan for yourself, your spouse, or a dependent. You cannot claim it if you are married filing separately or if someone else claims you as a dependent.
Is the deduction the same as a tax credit?
No. The deduction reduces your taxable income, worth your marginal rate times up to $2,500. Credits like the American Opportunity Credit reduce your tax bill dollar-for-dollar but apply to tuition, not loan interest.
What counts as qualified interest?
Interest on loans taken solely to pay qualified education expenses — tuition, fees, room and board, and books. Voluntary payments and capitalized interest qualify; origination fees generally do not.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.