Qualified Student Loan Interest

Generally, student loan interest is the interest paid during the year on a loan for qualified higher education expenses that were:

• For the taxpayer, the taxpayer's spouse (if Married Filing Jointly), or a person who was the taxpayer's dependent when the loan was obtained, and
• Paid within a reasonable period of time before or after obtaining the loan, and
• For an eligible student

Loan Qualifications

To qualify, a student loan:

• Must be solely to pay qualified education expenses, and
• Cannot be from a related person or made under a qualified employer plan

Generally, qualified higher education expenses include tuition, fees, room and board, books, supplies, equipment, and other necessary expenses, such as transportation. Review the student loan interest at a glance tip in the 4012 for more information.

An eligible student is one enrolled in and carrying at least one-half the normal load for a qualified program.