Students and graduates in the US now owe more than $1 TRILLION in student loans.
These loans are almost impossible to discharge and make it difficult for young graduates to buy a home and start a family.
Currently, the student loan interest tax deduction is capped at $2,500 of student loan interest paid in a given year. This deduction begins to phase out when a graduate’s income hits $60,000 and is completely phased out at an income of $75,000 ($150,000 for a married couple filling jointly).
To help graduates gain a financial footing after graduation, We the People petition the Obama Administration to eliminate the student loan interest paid tax deduction cap and to adjust the income based phase out on a regular basis based on inflation or other such method to be determined.