Are changes ahead for the student loan interest tax deduction? It’s possible. members of Congress are currently considering ending this deduction as a way to help offset the cost of extending many provisions in the Tax Cuts and Jobs Act. Ending the deduction could result in savings of $30 billion over 10 years, according to the House Ways and Means Committee. Under existing law, qualified student loan borrowers can deduct up to $2,500 of student loan interest paid during the year. For 2024 returns, the deduction phases out when modified adjusted gross income is between $80,000 and $95,000 for single taxpayers, and between $165,000 and $185,000 for joint filers. Contact us with any questions. © 2025