<prompt> Human: I know there is a deduction for paying student loan interest but Im having a tough time finding any sources that quantify this for me. Do I receive a larger return during tax season if I pay more student loan interest this year? 2016 has been the first year my student loans have entered repayment so I want to be prepared for what to expect.Currently I have 55,000 in federal student loans, 13,000 from Discover, and another 12,000 from my private institution this is a PELL grant though fixed at 5. I pay roughly 315 a month for my payments and of that I think its pretty much 5050 towards capital interest until the interest is paid down which is currently around 3000. Any help would be greatly appreciated, or some guidance towards a good source to help me understand the tax break.Thanks!  <response>: If your AGI is under 70k, then you can deduct up to 2.5k in interest paid saving you up to 2.5kyour tax bracket in taxes. 