Students are saddled with massive debt like no other time in American history. Not only that, interest rates are exorbitantly high, far greater than that of auto and home loans. Student debt is hurting working-class families, and young people who are starting out in the workforce, causing them to forgo buying homes, start families, and pursue their passion in life. Student debt is slowing economic growth and is the next bubble.
Under current tax code, only accrued interest on student loans is deductible. My petition is simple: Make annual student loan repayments 100% tax deductible. Ideally, this interest rates would be lowered drastically as well. The banking industry and government should not profit off of backs Americans who are simply trying to educate themselves. Fix it.
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