Removing the cap on deductible college loan interest will benefit the middle class. Very little has been done by any branch of government to lessen the burden of long term college loan debt carried by many thousands of citizens. The interest rate charged by the government on outstanding loans is crushing and citizens are not allowed to refinance to current historically low rates. Some modest alterations to loans going forward has been proposed and minimal relief has been granted on current and future loans, but little has been done to address long standing debt. Oil companies receive Billions in subsidies, but the law caps the citizens' paid interest deduction at $2500. Many pay thousands more. Put additional dollars in the pockets of middle class citizens by removing the cap.
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