Section 80E provides tax deductions on the interest paid for education loans taken for higher studies. This deduction is available to individual taxpayers and can be claimed for loans taken for self, spouse, children, or a student for whom the individual is a legal guardian. The entire interest paid in a financial year can be claimed as a deduction. The deduction is available for a maximum of 8 consecutive years, starting from the year repayment begins, or until the interest is fully repaid, whichever is earlier.