Current and former college students who are paying loan debt may or may not realize they can claim interest paid on those loans while filing taxes. The issue is that there is a cap on the amount one can claim of $2,500(I paid 8,000+, 2012).
I understand this goes for the amount of interest filing single or jointly; meaning if both spouses are paying student loan debt they can only claim $2,500 TOGETHER, while if two unmarried individuals were both paying student loan debt they could EACH pay a total of $2,500.
Tuition is already climbing at record rates, making it hard to afford an education and almost impossible to attend college without a loan. In the least, claiming ALL interest would provide a needed financial break through income tax returns.
Eliminate the cap, single or married!