Yes, there are tax incentives for certain higher education expenses, including a deduction for student loan interest for certain borarticleers. This benefit applies to all loans taken out to pay for postsecondary education costs. The maximum deduction is $2,500 a year. IRS Publication 970, Tax Benefits for Higher Education, explains these credits and other tax benefits.
You can find out more information at www.irs.gov/taxtopics/tc456.html or by calling the IRS at 1-800-829-1040. TTY callers can call 1-800-829-4059.
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