According to the IRS, you can deduct the lesser of $2,500 or the amount of interest you paid during the year from student loans. This deduction can be claimed as an adjustment to income, which means that the deduction does not need to be itemized.
To claim a student loans interest deductions the following must apply to you:
A student loan qualified for deduction must be one that was taken out to pay education expenses for:
You can contact Miami Tax Expert(305-810-8509) to see if you are eligible to recieve a deduction on your student loans.