The interest portion might be, thanks to the student loan interest deduction. The maximum deduction is $2,500. You don't need to itemize to claim this deduction.

To qualify, you must meet two requirements:

First, the student loan on which you're paying interest must be one that you incurred to pay college expenses when you were at least a half-time student. This requirement excludes part-time adult learners or other nontraditional students.

Second, you must meet income limits. To take the full student loan interest deduction, single filers must have a modified adjusted gross income (MAGI) below $50,000 (below $100,000 for married filing jointly). A partial deduction is available for single filers with an MAGI between $50,000 and $65,000 (between $100,000 and $130,000 for married filing jointly). These income limits are adjusted annually for inflation.

If you paid over $600 of interest to a single lender on a qualified student loan during the year, you should receive Form 1098-E from your lender, showing the total amount of interest you paid for the year. If not, contact your lender to request this information.