Allow all people that are repaying qualified student loans to deduct 100% of their student loan interest regardless of the amount of interest they pay or salary they earn. Congress has been talking about the need to "fix the student loan crisis" for years, but they have yet to do anything to create a solution, we need help!
Under the current law IRC 221(b)(1) allows a taxpayer to deduct only $2,500 per year of their qualified student loan interest and under IRC 221(f) the taxpayer is allowed to deduct the interest only if their modified adjusted gross income is under $80,000 for the year 2014.
Amending this law will help those with crushing student loans by easing their tax burden. A lot of these payments are going to the federal government so why not help? Congress must act now!