Is the Interest I paid on my student loans deductible on my federal taxes?

Under the new tax laws, interest paid on student loans is deductible and there is no longer a limitation on the number of years that the deduction can be taken.. Student loan interest paid is treated as an adjustment to gross income and is not part of the itemization schedule.

If your student loan was taken out solely to pay for qualified educational expenses you may be eligible to reduce your taxable income by up to $2500.00.  The amount of interest that you may deduct is dependent on your income level. A worksheet to determine your deductable amount can be found in your 1040 instructions

Addtional information on student loan interest deductions can be found in the IRS Publication 970 "Tax Benefits for Education".  This publication can be accessed at: http://www.rs.gov/publications/p970/index.htm..