Can I deduct student loan interest if I take the standard deduction? Yes. You do not need to itemize your deductions to take the student loan interest deduction. Related articles Form 1098-E: What do I do with my Student Loan Interest Statement? How much can I deduct for college and education expenses? What are the qualifications for the Student Loan Interest Deduction? What types of loans DO NOT qualify for the student loan interest deduction? Can I itemize deductions on my 2019 tax return?