[link|http://www.irs.gov/taxtopics/tc456.html|IRS]:
Topic 456 - Student Loan Interest Deduction
You may be able to deduct up to $2,500 for interest you pay in 2004 on a qualified student loan. And, if your student loan is canceled, you may not have to include any amount in income.
The deduction is claimed as an adjustment to income so you do not need to itemize your deductions on Schedule A Form 1040 (PDF).
The devil, of course, is in the details of the loan...
It's not a lot, but every little bit helps.
Hang in there.
Cheers,
Scott.