Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. However, if your modified adjusted gross income (MAGI) is less than $75,000 there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education up to $2500. The deduction is gradually phased out when your modified adjusted gross income is over $50,000 and completely phased out above $75,000.
We ask that the student loan interest deduction no longer be phased out for ANY modified adjusted gross income and that any person paying a student loan(s) be eligible to deduct up to $2,500 in interest paid on their federal tax returns.