IRS Form 1040 limits the modified annual gross income (MAGI) amount that qualifies for a student loan interest deduction to $75,000. Furthermore, the $2,500 that is permitted to be deducted begins to phase out at a MAGI of $60,000.
This petition aims to persuade the Obama Administration to raise the limit to $125,000 and allow citizens to deduct 100% of the interest paid to student loan lenders over the course of the tax year.
Current students are the future leaders of America and are often inundated with hundreds of thousands in student loan debt upon graduation (specifically graduate students). Help reduce the burden of over a trillion in debt by signing this petition!