Jordi Lippe-McGraw is personal finance writer focused on student loan debt. Her work on this topic and other lifestyle content has been featured in the New York Times, Cosmopolitan, Student Loan Hero, TODAY, Conde Nast Traveler and more. She has traveled to more than 30 countries on all 7 continents and is an avid puppy, penguin, and truffle lover.
Student Loan Interest Deduction
The student loan interest deduction lets borrowers deduct all or part of the interest they pay on their federal student loans and private student loans. While you’re likely frustrated with the fact that a chunk of your monthly student loan payments goes towards interest, the student loan interest deduction can reduce the cost of that interest. You can claim the student loan interest deduction even if you use the standard deduction.