How much can I earn and still be able to claim my student loan interest? if there is a cap what is it and why is there one?

[jerry2000 · Accepted solution]

Yes, there is a cap and you can find it in IRS Pub. 970,
Tax Benefits for Education at this link;
http://www.irs.gov/pub/irs-pdf/p970.pdf

Why is there one? Because that is the way Congress wrote the tax law. To find out why they did that you would need to ask your elected representative.

[DoninGA]

You can take this deduction only if all of the following apply. 

• You paid interest in 2016 on a qualified student loan (defined later). 
• Your filing status is any status except married filing separately. 
• Your modified adjusted gross income (AGI) is less than: $80,000 if single, head of household, or qualifying widow(er); $160,000 if married filing jointly. Use lines 2 through 4 of the worksheet in these instructions to figure your modified AGI. 
• You, or your spouse if filing jointly, aren't claimed as a dependent on someone else's (such as your parent's) 2016 tax return

See the Form 1040 Instructions page 37 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=37