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Claiming Student Loan Interest on Your Tax Return ...
Your student loan interest, with the rest of the information you report on lines 300 to 395 of your income tax return, earns you a non-refundable tax credit.
If you owe taxes, this amount is subtracted from your taxes owed; as a result, you have a lower tax bill. However, if you do not owe any taxes or if you have covered your taxes due with other credits, you cannot get a refund based on your student loan interest. The interest earns you a tax credit that is non-refundable, so you cannot convert it into a tax refund.
Maximizing Your Student Loan Interest Claim