The Student Loan Interest Deduction (SLID) should apply to all interest paid on student loans, for everyone, permanently.
Right now, Americans can only deduct the first $2,500 of student interest payments from their taxes. In 2013, the deduction will revert to an older law that only applies to the first five years of repayment.
Student debt could cause the next big financial crisis. College tuition is growing twice as fast as inflation, total student debt in America is more than $1 trillion, and today's college students are graduating with massive debts and poor job prospects. More graduates are defaulting on their loans as these burdens stack up.
The SLID is major source of relief for Americans with student loans and an investment in America's future. It must be strengthened.