Americans are carrying an estimated 1.2 TRILLION dollars in student loan debt. Extended repayment programs aggravate the problem of student debt, because, with accrued interest, they increase the amount of debt owed by the borrower.
For this reason, we should make all student loan payments tax deductible. This isn’t debt relief, because a borrower must make payments to receive the write-off. The loan holders would be unaffected, because they would still receive their payments. But making student loan payments tax deductible would reward borrowers who are responsibly meeting their debt obligations by reducing their taxes and putting money back into their pockets.
Help students invest in themselves and our economy by making student loan payments tax deductible.