Student loans are a burden on many Americans, but thankfully there is a way to retrieve a portion of the money spent on the interest payments. For the interest on qualified education loans, the maximum deduction allowed for the taxable year is $2,500.
Single Filers
Full Deduction < $70,000
No Deduction > $85,000
Joint Filers
Full Deduction < $145,000
No Deduction > $175,000
Source: Fidelity.com