Is student loan interest accrued some years before no longer tax deductible?

Forum|Forum|5 years ago
January 21, 2021
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I have student loans that accrued interest in 2019. This interest has not yet been paid off.

If I pay off/toward that interest this year, in 2021, is the interest that I paid off then tax deductible, even if it was applied in 2019 to my student loans and only paid by me in 2021?

More specifically, does it matter if the interest that I am paying off was applied to my student loan principal two years or more before? I have read that student loan interest can be tax deductible, but I'm wondering if student loan interest accrued some years before is no longer tax deductible. Could someone please inform me as to whether or not that's true? Thank you and be well to everyone.

Not A Product Question

CatinaT1

The interest is deducted in the year it is paid, not the year it is applied to your account. Interest generally accumulates over time and the amount of interest paid, as opposed to any principle paid, during a tax year will be reported to you by your student loan provider.

Student Loan Interest

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