The Tax Relief Act of 2010 extended the student loan deduction through 2012. After 2012, the deduction will revert to a previous tax law in which interest on a student loan is deductible only for the first 60-months of repayment.
Americans now carry almost $1 trillion in student loan debt, more than we owe in credit card debt. Fees and tuitions continue to rise while pay is stagnant and jobs for recent graduates are more and more difficult to find.
With an unemployment rate over 9% for college graduates under 25 years old, there could be no worse time to let some of the minimal help that was being received lapse.
Please extend the tax relief and let those drowning with this burden continue to claim the deduction on the interest paid beyond 60 months of repayment.