Student loan payments could lead to a tax break [Video]
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Student loan payments could lead to a tax break [Video]

There’s one upside to your student loan payments: they might reduce your 2024 tax bill.

The student loan interest deduction allows qualifying borrowers to deduct up to $2,500 a year in interest paid on eligible private or federal education debt. Before the Covid pandemic, nearly 13 million taxpayers took advantage of the deduction, according to higher education expert Mark Kantrowitz.

Most borrowers couldn’t claim the deduction on federal student loans during the pandemic-era pause on student loan bills, which spanned from March 2020 to October 2023. With interest rates on those debts temporarily set to zero, there was no interest accruing for borrowers to claim.

More from Personal Finance:Maximize your 401(k) plan in 2025 with higher limits and catch-up contributionsHere are changes retirees will see from Social Security and Medicare in 2025Biden withdrew student loan forgiveness plans. There is still debt relief available

But interest on federal student loans began accruing again in September…

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