If your parents don't claim you as a dependent, then your student loan interest is fully deductible if your adjusted gross income is below $60,000 (single) or $125,000 (married).

If your adjusted gross income is between $60,000 and $75,000 (single) or $125,000 and $150,000 (married), you will get a partial deduction for student loan interest. The maximum amount of deductible interest is $2,500 for 2012.

Interest from loans that you took out to pay for the qualified education expenses for yourself, your spouse, or your dependents, count for deductible student loan interest.