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If you paid student interest on a student loan in 2003, you can make a deduction from gross income up to $2,500. The deduction is phased out, however, if your modified adjusted gross income is between $50,000 and $65,000 a year filing single, or between $100,000 and $130,000 filing a joint return. For years before 2002, the interest deduction was only allowed for the first 60 months. All student loan payments after 2001, however, are deductible until the loan is paid off.

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