You can only deduct 2,500 dollars of student loan interest (Hilariously, even if you're married this doesn't go up. My spouse has no student loans, but I still can only deduct 2,500 filing jointly). When I went back to school to finish my degree I put my loans into deferment, so now I am paying a bunch of interest back.

Seems like a shitty situation. Before I got my degree I was making less than a third of what I make now, even though I worked more and got paid overtime. That was at a job I had worked at for five years and was likely maxed out of earning potential in that industry. I made little enough to have almost no federal tax burden. By providing loans the government has essentially turned a tax burden into a revenue generator. In just two years I am making this much more money, paying a bunch more in taxes, and my lifetime earning potential has increased significantly. But they still try to screw you from both ends, of course.