Student loan debt has become a crippling element of American society. Many young Americans just beginning their careers find themselves with enormous debt as the cost of education skyrockets and good-paying jobs in some fields are still scarce.
Currently, the student loan interest deduction has a maximum deduction of $2500, whether filing single or jointly. On the contrast, the home mortgage interest deduction is essentially limitless (deductible on the first $1 million of debt used for acquiring, constructing, or substantially improving the residence, ($500,000 if filing separately) or the first $100,000 of home equity debt regardless of the purpose or use of the loan).
Young taxpayers who are paying sometimes up to 30% of their income in student loan payments could use some tax relief.
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