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change the student loan interest deduction for taxes to increase maximum benefit and MAGI limit.

Created by J.B. on March 11, 2016

The U.S. total student debt was 1.2 trillion dollars to start 2016. I believe that debt should be repaid and a small change to the tax code could benefit students with large outstanding debt (80K+). Each year interest is paid on that debt which greatly exceeded the maximum student load deduction of $2,500 which is then further reduced by modified adjusted gross income. The ability to claim the total amount of interest paid on student loan debts, could lower overall tax liability and that refund could go towards paying down the principle, which would lower the total national debt and also provide options beyond paying the interest and holding the debt for life. If your debt is twice your salary, almost 50% of your salary will go to interest alone, the rest is left to live off.

Budget & Taxes
Education
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