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College graduates with student loans get a tax break

March 10, 2014

UNDATED (AP) — Students should make sure they claim a deduction for the cost of financing their education.

Student loans are often the biggest debt college students face when they graduate. But H&R Block senior tax adviser Richard Gartland says at least there’s a tax break for the interest paid on those loans.

Up to $2,500 in interest is fully deductible, whether you itemize deductions or use the standard deduction. Gartner says that makes it “an important one for students.”

The amount of the student loan interest paid for the year will appear on a form 1098-E from the lender.

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