Can I deduct costs of student loans?

Q: Can I receive a deduction based on the fact that I am repaying student loans? --Kate, Duxbury

The following answer was provided by Janis Orel, CPA, Abrams Little-Gill Loberfeld PC.

A: You may only deduct the interest portion of the loan.

The following answer was provided by - Barry Beck, CPA, Barry D Beck, CPA, PFS, DABFA.

A: There are limits on who can deduct the student loan interest. On the federal return, the deduction is from gross income and arrives at adjusted gross income.

The rulers are different for MA. One can deduct the interest only for the first five years of loan repayment.