When you borrow money for college or graduate school, you're eligible for a
Student Loan Interest Deduction on your taxes. Take advantage of it, and save money.
The Student Loan Interest Deduction is available for
all education loans, including
Federal loans- Nonfederal loans
You may deduct up to $2,500 per year of your loan interest and fees. The amount of your deductions is based on your AGI (Adjusted Gross Income).
| Student Loan Interest Deduction Eligibility Based on AGI |
| Tax Status | AGI | Credit |
| Single | Up to $65,000 | Full credit |
| Married filing jointly | Up to $135,000 | Full credit |
If your income exceeds these limits, you may want to explore
MEFA's Home Equity Option.
Learn about other
tax advantages for education expenses.
We strongly recommend that you consult an expert tax advisor to discuss how the regulations apply to your particular situation, or that you review the tax laws and applicable regulations to determine whether the interest paid on your educational loan is deductible. MEFA cannot ensure that interest paid on individual loan(s) will be tax-deductible.
MEFA education loan availability is subject to MEFA’s acceptance and approval of a completed loan application, credit approval, and fund availability for the applicable loan category. MEFA reserves the right to modify or terminate benefits, products, services and terms in its sole discretion and without prior notice.
The information provided to you on this Web site has been obtained and/or compiled from sources we believe to be reliable.
The information, products, services, or terms are provided as is. MEFA does not and cannot guarantee the accuracy, validity, timeliness, and/or completeness of any information, data or documents made available on this Web site. Any dated information is published as of its date only, and MEFA does not undertake any obligation and/or responsibility to update or amend any such information or documents.