According to the Federal Reserve Board of NY, there are approximately 37M student loan borrowers w/outstanding loans representing $900B - $1T.
There is clear data to show that individuals w/college & other advanced degrees earn more than those without. While salaries of degree holders may be higher, once adjusted for the cost of servicing student loan debt, the usable income of these individuals is the same, if not lower, then their lower salaried non-degreed peers.
The tax code should be modified to account for student loan debt w/income being adjusted based on the cost to service federal loans. By doing so, we people get out from under the cost of the education that they pursued to better themselves. Moreover, why should individuals pay tax on income used to service a federal loan.