Deduction for higher education loan interest allowed for individuals in initial year and seven subsequent years. Deduction for interest on loans taken by an individual for full time higher education is allowed against taxable income when interest is paid to specified financial institutions or approved charitable institutions. The deduction is available in the initial assessment year when interest payments begin and for seven succeeding assessment years or until the interest is fully repaid, whichever is earlier; qualifying institutions and the scope of 'higher education' are explicitly defined.