Yes, you can deduct the interest portion of your student loan payments, but not the principal portion.
Any fees associated with the collection process are also not deductible.
To report student loan interest paid in TurboTax:
- Click My Account (Top right of your screen).
- Select Tools.
- In the pop up window, select Topic Search.
- In the search bar, type in 1098-e
- Highlight it and select GO, and follow the prompts.
