The average student loan payment is between $200 and $299 per month, according to the latest data from the Federal Reserve. That adds up to $2,400 to $3,588 per year, and not all of that goes toward reducing your principal. You also have to pay interest on what you borrowed.

Fortunately, the government enables you to claim a student loan interest deduction to help you save a little on your taxes each year while paying down your debt. Here are three key things you need to know if you plan to claim it.

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Source Fool.com