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What is the Student Loan Interest Deduction?

The student loan interest deduction lets borrowers write off up to $2,500 from their taxable income if they paid interest on their student loans.

What is the lifetime learning credit?

The lifetime learning credit lets you claim 20% of the first $10,000 you paid toward tuition and fees, for a maximum of $2,000. Like the American opportunity tax credit, the lifetime learning credit doesn’t count living expenses or transportation as eligible expenses. You can claim books or supplies needed for coursework.