Shellie, a single individual, received her Bachelor's degree in 2011, and took a job with a salary of $45,000 per year. In 2012, she began paying interest on qualified education loans. She was able to pay $1,500 in 2012. Which of the following statements is not correct?
a. The full $1,500 is deductible in arriving at adjusted gross income (AGI)
b. Taxpayers are not allowed a deduction for education loan interest in 2012
c. If her payment had been $3,000, only $2,500 would have been deductible in arriving at AGI and the $500 excess would have been treated as nondeductible consumer interest
d. If her income had been $80,000, the deductible amount would have been phased out