Student Loan Interest Deduction At a Glance

Feature Description
Maximum benefit You can reduce your income subject to tax by up to $2,500.
Loan qualifications Your student loan

  • must have been taken out solely to pay qualified education expenses, and
  • cannot be from a related person or made under a qualified employer plan.
Student qualifications The student must be

  • you, your spouse, or your dependent, and
  • enrolled at least half-time in a degree program.
Time limit on deduction You can deduct interest paid during the remaining period of your student loan.
Phaseout Limit on modified adjusted gross income (MAGI) = $155,000 if married filing jointly; $75,000 if single, head of household or qualifying widow(er)

To assist you in claiming the credits for loan programs managed by Marshall University, our servicer, Educational Computer Systems, Inc. (ECSI) will file a Form 1098-E with the Internal Revenue Service for each eligible student. By January 31st of the current year, ECSI will mail a copy of the 1098-E  to you for use in claiming this credit.  Please note that it is the responsibility of the taxpayer to determine eligibility for the credit. Please do not contact Marshall University or ECSI regarding your eligibility for this credit.  For specific questions concerning information provided within your 1098-E please contact Educational Computer Systems, Inc. at 1-888-549-3274.

To obtain more information on the Student Loan Interest Deduction, please refer to IRS Publication 970 – Tax Benefits for Higher Education or contact the Internal Revenue Service directly at 1-800-829-1040.

From IRS Publication 970, Table 3-1
Do not rely on this table alone.  Refer to the text for complete details