Student Loan Interest Deduction Calculator
Estimate your student loan interest deduction (up to $2,500) after income phase-outs and the tax it saves.
Your numbers
- Tax savings
- $293
- Phase-out remaining
- 53.33%
- Paid
- Deductible
How the student loan interest deduction calculator works
Deduction = min($2,500, interest paid) × phase-out factor. Phase-out ranges are about $85,000–$100,000 (single) and $175,000–$205,000 (married filing jointly).
Example
Using the default inputs (Interest paid this year: $2,800; MAGI: $92,000; Filing status: Single / HoH; Marginal tax rate: 22%), the calculator returns deduction of $1,333. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
Do I need to itemize?
No. It is an above-the-line adjustment.
Who can claim it?
Borrowers legally obligated to pay the loan, with income below the phase-out limit.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.