Allow tax deductions on student loan INTEREST without the $2,500 cap, 5 year limit, and the MAGI restriction.

Currently, there are limits on how much interest can be claimed as a deduction on student loan interest that you paid; $2,500 max, a five year limit on how long you can claim the deduction at the state level, and a phase out for single filers with a MAGI between $65k-$80k and for married taxpayers with a MAGI between $130k-$160k. If there is genuine concern for the outrageous costs of education and the inability of recent graduates to move ahead because of the burden of student loan debt, removing the maximum claimable deduction like before the Tax Reform Act of 1986 can significantly change the budget of new graduates. This can stimulate the economy and will allow for faster repayment of student loans.