You can deduct the first student loan interest you pay each year. Believe it or not, the same $2,500 limit applies to married couples as to single individuals.

There is an income limit, however. This tax break starts to phase-out at $55k of income for single individuals and $115k for married couples and is fully phased-out at $70k and $145k respectively.

So when you can't afford to pay your loans, the interest is deductible. And when your income finally increases and you can pay the loans, the interest is no longer deductible.

For more info about the student loan interest deduction, check out IRS Publication 970 available at: http://www.irs.gov/pub/irs-pdf/p970.pdf.

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