Deduction for education loan interest allows individuals to deduct interest paid for higher education loans within prescribed years. An individual may deduct interest paid on loans taken from a financial institution or approved charitable institution for pursuing higher education for the assessee or a defined relative. The deduction is limited to interest actually paid out of taxable income and is available from the initial assessment year for seven successive assessment years or until the interest is paid in full, whichever is earlier. Key definitions include approved charitable institution, financial institution, higher education (post-Senior Secondary), initial assessment year, and relative (spouse, children, legal ward).