You would be eligible to get deductions if you don’t satisfy any of the conditions given below:

1. If another taxpayer claims an exemption for you as a dependent, Your filing status is married filing separately, or You are not legally obligated to make payments on the loan.

2. You may be able to deduct up to $2,500 for interest you pay in year on a qualified student loan. And, if your student loan is canceled, you may not have to include any amount in income. The maximum deductible interest on a qualified student loan is $2,500 per return. If you are a taxpayer whose return status is married filing jointly, you are allowed to deduct the full $2,500 only when your Modified Adjusted Gross Income (MAGI) is $105,000 or less. If your MAGI is between $105,000 and $135,000, the amount of your student loan interest deduction is gradually reduced. If your MAGI are $135,000 or more, you are not able to take any deduction. For those whose filing status is single, head of household or qualifying widow(er), the full $2,500 deduction is allowed for MAGI levels equal to or below $50,000. For MAGI between $50,000 and $65,000, the deduction amount is phased out. If your MAGI amount is, $65,000 or more, there is no deduction.