What is the limit on how much student loan interest can be deducted in a year?

The limit on how much student loan interest can be deducted in a year is $2,500. This deduction is available to taxpayers who meet certain income restrictions and is designed to help reduce the burden of student loan payments.

It's important to understand that this $2,500 limit applies per tax return, not per borrower. This means that whether you are paying interest on one loan, multiple loans, or loans shared with a spouse, the maximum amount you can deduct for student loan interest is capped at $2,500 in a given tax year, assuming your adjusted gross income (AGI) does not exceed the thresholds that would start to phase out this deduction.

The other figures mentioned (such as $1,500 or $3,000) do not represent the correct deduction limit for student loan interest, and saying there is "no limit" contradicts the specific provisions laid out in tax law regarding the deduction.