Can I claim the interest on a student loan paid in full? How do you calculate that?

[shari399]

I paid off my student loan, how do I figure out how much interest was paid?

[HelenaC]

Yes, you can claim the interest on a student loan if you paid it off. You would not calculate it. Your lending institution will send you IRS Form 1098-E Student Loan Interest with the amount of interest you paid in a calendar year.

You may be able to access the information online if you have access.

Please see the screenshot of IRS Table 19-1 Student Loan Interest Deduction at a Glance below.

To enter your student loan interest, please see the following instructions:

• Type student loan interest in the search or find bar and click search.
• Click on Jump to Student Loan Interest.
• Continue with the onscreen questions.