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Do federal student loans affect my taxes?

In general, up to $2,500 in annual interest may be deductible on your tax return, subject to income limitations and other restrictions. 

At the end of each year, your servicer will send you Form 1098-E by mail or through its website. This form details how much interest you have paid on your student loan during the year. You should consult the Internal Revenue Service (IRS) website or a tax adviser for details.