If you are a student, you can deduct up to $2,500 on the interest of a qualifying student loan as long as no one claims you on their taxes and you are not married and filing separately. The income limit is $70,000 if single and $140,000 if married. The student loan must be used for education expenses.
As a student, you can deduct the cost of work-related education as long as your employer has not reimbursed you and the education is either required by law or significantly improves your job skills.
Parents of dependents and students who are not dependents may qualify for a deduction of up to $4,000 for tuition and fees.
In order to qualify for these tax deductions, a student must have either a high-school diploma or GED and be attending at least one college course.
Room and board, transportation, medical expenses and insurance do not qualify as tax deductions.