Zach attended Biola University during 2015-2019. He lived at home and was claimed by his parents as a dependent during his entire education. He incurred education expenses of $16,000 during college, of which $2,400 was paid for by scholarships. To finance his education, he borrowed $10,000 through a federal student loan program and borrowed another $6,000 from a local lending institution for educational purposes. After graduation, he married and moved with his spouse to a distant city. In 2020, he incurred $1,000 of Interest on the federal loans and $600 on the lending Institution loan. He filed a joint return with his spouse showing modified AGI of $115,000. Required: What amount of student loan interest can Zach and his spouse deduct in 2020. if any? Zach's allowed deduction