You are considering going to college to earn your dream degree and hopefully claim your dream job as a result. But one thing has you a little concerned: taking out a college loan. And rightfully so. Returning to school is a major decision both financially and time wise; however, it can pay off in the long run. In fact, if you have student loans, you may be able to deduct your college loan interest, and this can be a major financial benefit, according to the professionals at TaxAudit, which has received a number of positive audit defense reviews over the years.

The government allows you to deduct college loan interest so that you can reduce your tax burn if your income is low or moderate. Meanwhile, the deduction amount to which you are entitled will fully phase out if you end up reaching the adjusted gross income limits.

Specifically, in 2019, your deduction starts to phase out if you earn $70,000 as a single person or $140,000 as a married person filing your taxes jointly with your spouse. Meanwhile, the deduction goes away if you earn $85,000 individually or $170,000 with your spouse.

Note that if you qualify for a deduction, you cannot deduct more than $2,500 for the tax year of 2019.

To receive this type of deduction, in addition to having a low or moderate income, you must meet several tax-related requirements. For instance, you are not allowed to have someone else claim as you a dependent when he or she files his or her taxes, according to tax audit reviews. In addition, you can’t try to claim an interest deduction for any loan payments you make for your friend or family member, for example.

Another requirement for receiving a college loan interest deduction is that you cannot file your taxes using the status of “Married Filing Separately.” Furthermore, you cannot claim a deduction for a tax year if you paid no interest on a college loan during that tax year, according to the IRS.