Work out education loan interest deduction instantly with clear inputs, formula shown and shareable results.
Interest on a qualifying education loan is fully deductible with no monetary cap, but only for a limited number of years from the start of repayment. Principal repayment gets no relief under this head.
Education loan relief
Deduction = full interest paid, available for up to eight assessment years
Tax figures are estimates based on the rates, caps and thresholds you enter. Real rules differ by jurisdiction and change every year, and personal circumstances alter the outcome. This is not tax or financial advice — confirm with a qualified adviser.
No. The whole interest qualifies, which makes it one of the more valuable deductions for large loans.
The borrower, which may be the student or a parent who took the loan for the student's higher education.