Student Loan Interest Deduction Calculator

Work out your 2026 student loan interest deduction after the income phase-out, the tax it saves and what your loan rate works out to after that saving. The free student loan calculator uses the same plain-English approach, so you can compare results side by side.

Enter your interest and income

2026 federal tax rules

Student loan interest paid this year

Shown on Form 1098-E from your loan servicer. Up to $2,500 can be deducted.

Modified adjusted gross income (MAGI)

Wages and other income before this deduction. For most people this is the adjusted gross income on Form 1040 without the student loan interest deduction.

Filing status

Someone can claim me as a dependent

More options

Children under 17

Child tax credits can reduce your tax to zero, which limits the saving.

State income tax rate

Most states with an income tax start from federal AGI, so the deduction also lowers state tax. Use 0 to leave state tax out.

Student loan interest rate

Used to show your loan rate after the tax saving.

Your deduction and tax saving

Deduction you can take

–

Total tax saved

–

Loan rate after tax savings

–

Federal income tax saved–

State income tax saved–

Interest cost after tax savings–

Federal marginal tax bracket–

2026 phase-out range (MAGI)–

Federal taxable income after the deduction–

Results are estimates for educational purposes and are not financial, tax or legal advice.