Exclusion phaseouts: Phaseout occurs when the combined amount of principal and interest received during the year exceeds the net qualified educational expenses and the taxpayer's modified adjusted gross income is over $81,800 ($121,600 for married individuals filing a joint return). The exclusion is fully phased-out for taxpayers whose 2019 modified AGI is more than $96,100 ($151,600 for married individuals filing a joint return)