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Student Loan Center

Use: student loan, student loan consolidation, federal student loan, private student loan, refinance student loan, private student loan, student loan grant, student loan online application, guaranteed student loan, low interest student loan.

We believe that everyone has the right to pursue an education. Our goal is to make the financial aid process as simple and quick as possible.

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Student Loan Frequent Asked Questions and Answers

1. My spouse and I each paid $2000 for student loan interest. Are we eligible to claim a $2000 deduction for each of us?
2. My parents took out a student loan, but I'm now an independent taxpayer making the payments. Who can claim the deduction--me or my parents?
3. My parents took out a parent loan on my behalf and I took out a student loan because I was not their dependent. Who can claim the deduction--me or my parents?
4. Is a parent eligible for the Student Loan Interest Deduction?
5. I am making student loan payments, but my parents are claiming me as a dependent. Who can claim the deduction--me or my parents?  
6. How do I know if I am eligible for the Student Loan Interest Deduction?
7. If my loan is already in repayment, am I eligible for the deduction?
8. Is repaying my student loan a serious obligation?
9. Are student loans a good way to finance my education?
10. Which loans can be consolidated?
11. What will be the interest rate on my new consolidated loan?
12. Am I eligible?
13. How do I repay my loan?
14. Is the interest on my loan fixed for life?
15. Will my payment amount ever change on the life of the loan?
16. How much can my monthly payment(s) be lowered?
17. Why should I consolidate?
18. How is my new interest rate calculated?
19. How is my monthly payment on my loan calculated?
20. Can I defer my consolidation loan?
21. Do I have to pay an application fee (origination fee) to get a loan?
22. Can I add additional loans to my loan?
23. What if I am delinquent on my FFEL loans?
24. If I am eligible for the maximum loan amount, should I borrow the entire amount?
25. What is a grace period?
26. What is a student loan deferment?
27. What types of loans are eligible for deferment?
28. How can I get a deferment?
29. What is student loan forbearance?
30. What happens if I miss a student loan payment? Will my loan be in default?
31. Is it easier for me to consolidate my loans?
32. What repayment options are available?
33. Who is the holder of my loans?

Q. My spouse and I each paid $2000 for student loan interest. Are we eligible to claim a $2000 deduction for each of us?

A. The maximum deduction for married taxpayers filing jointly is $2500 per return, so you cannot claim a $4000 deduction. Married persons filing separately are not eligible for the Student Loan Interest Deduction. Always remember that it is the taxpayer's responsibility to figure and claim the Student Loan Interest Deduction correctly.

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