Is PLUS loan interest tax deductible?

PLUS loan interest is tax deductible up to a certain limit. In general, as of 2010, the most you can deduct for student loan interest in a single year is $2,500. However, unique limits may apply in any individual case. Thus, it is important to consult the Internal Revenue Service Publication 970, entitled "Tax Benefits for Education." This document will provide insight into which of your expenses are deductible and up to what amount. If you paid interest in previous years but did not deduct the expense, contact an accountant to determine if you are eligible for a refund in your payments. 


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