According to the IRS, you may be able to deduct the interest paid on your student loan.  The loan must have been used to pay for your qualifying educational expense.  These include tuition, room and board, lab fees, books, and other expenses. 

Who Can Qualify For The Deduction?
If you took out a loan for your education, or for your spouse or qualifying dependant, you can deduct the interest paid.  The student has to be enrolled at least half time in an accredited college, university or vocational program to qualify.  Also, there are income limitations, if you earned above the limits established by the IRS you cannot deduct the interest.

Do All Loans Qualify For The Deduction?
All Federal Stafford, PLUS and FFELP loans qualify.  Other loans,

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