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make student loan interest fully deductible

Created by J.W. on January 21, 2015

Student loan interest is a major expense for many families who used student loans to finance their education. This interest expense should be 100% deductible for every tax return. Currently the tax code states that an individual can take a deduction for $2,500 of this interest. This is the same limit for married couples filing a joint return, despite having two people on the return. Many times both partners have their own student loans, so it would make perfect sense for each person to be able to deduct their paid interest.

In summation, the deduction limit should be raised to 100% of what's paid, but at the very least increased so that married couples can enjoy a reasonable deduction based on what they would get individually. Similar to other deductions currently available.

Budget & Taxes
Education
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