Currently the Internal Revenue Service (IRS) caps the deduction for student loan interest at $2,500. For many Americans this number is absurdly low. During the late 00's interest rates on loans from both private and public institutions were anywhere from 6-9%. These loans are not always able to be consolidated if they are from multiple lenders or multiple loan types (public vs. private).
More and more students are struggling with debt after graduation. Increase the maximum benefit for this deduction will help create economic growth and reduce risk to college graduates and the institutions serving their loans.