Deduction for education loan interest available to individuals, subject to lender criteria and an eight-year maximum claim period. Deduction for interest on education loans is available only to individuals who borrow from a financial institution or approved charitable institution for higher studies of the individual, spouse, children, or a ward. Only interest actually paid out of income chargeable to tax is deductible, with no cap on amount; principal repayments are not deductible. The deduction is claimable from the year interest payments commence for the initial assessment year and seven succeeding assessment years (maximum eight years) or until interest is fully repaid. Loans must be in the claimant's name; loans from employer, family, or friends do not qualify.