For all other filing statuses, your interest exclusion is phased out if your MAGI is between $67,100 and $82,100. You cannot take a deduction if your MAGI is $82,100 or more.

Income limits for credit reduction increased. For 2008, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $48,000 and $58,000 ($96,000 and $116,000 if you file a joint return). You cannot claim an education credit if your MAGI is $58,000 or more ($116,000 or more if you file a joint return).

Hope credit. Beginning in 2008, the amount of the Hope credit (per eligible student) is the sum of:

100% of the first $1,200 ($2400 if a Midwestern disaster area student). of qualified education expenses you paid for the eligible student, and
50% of the next $1,200 ($2400 if a Midwestern disaster area student). of qualified education expenses you paid for that student.

The maximum amount of Hope credit you can claim in 2008 is $1,800 ($3600 if a Midwestern disaster area student) per student

For all other filing statuses, your student loan interest deduction is phased out if MAGI is between $55,000 and $70,000. You cannot take a deduction if your MAGI is $70,000 or more.

For more information, see chapter 4 in Publication 970, Tax Benefits for Education

See Form 8917 and chapter 6 of Publication 970, Tax Benefits for Education, for more information about the tuition and fees deduction.

Form 8917 – Tuition and Fees Deduction

Publication 970 – Tax Benefits for Education