College costs have skyrocketed, but the student loan tax deduction remains capped at $2,500. This deduction amount is also subject to qualifying income levels which eliminate the student loan interest deduction if a family earns over $160,000 or $80,000 individually.
By comparison, the tax deduction for mortgage interest is generally limited to a home mortgage total of $1 million ($500,000 if you use married filing separately status). Given the current mortgage interest deduction, an individual with a $300,000 mortgage with a 4.5% interest (assuming no state taxes) will be able to deduct over $4000 from their taxable income, $1500 more than the maximum interest deduction for students.
Increase the student loan tax deduction from $2,500 to $10,000 and eliminate income restrictions.