Currently, the IRS allows taxpayers to claim student loan interest paid during the tax year as an adjustment to income, provided their adjusted gross income is less than $80,000 if filing single or head of household and $160,000 if filing as a married couple. This present itself as an ironic, yet very frustrating situation, as students who took out loans to go to school and obtain well paying jobs are being penalized for doing so. This limit on gross adjusted income is unnecessary and sends a wrong message to students trying to better themselves.
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