Eligible Educational Institution
For the student loan interest deduction, an eligible educational institution is generally either of the following:
If a taxpayer does not know if the educational institution is an eligible institution, the taxpayer should contact the school. Additionally, a database of all accredited schools is available on the U.S. Department of Education website.
No Double Benefit Allowed
Taxpayers cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (e.g., as home mortgage interest).