Does student loan interest give me a tax deduction, and how much?

Yes. The IRS lets qualifying borrowers deduct up to $2,500 of student loan interest paid during the year on qualified education loans. It's an above-the-line deduction, so you can claim it even if you take the standard deduction and don't itemize. The deduction phases out above MAGI limits the IRS updates each year, and it's unavailable to married taxpayers filing separately or to anyone claimed as a dependent. Your loan servicer sends Form 1098-E showing interest paid; if you paid $600 or more, they must send it. The deduction reduces taxable income rather than being a dollar-for-dollar credit, so its value depends on your bracket. Check the current income thresholds on irs.gov, since they change annually. Even a partial deduction is worth claiming if you're eligible.