Dear _____,
I want to take this opportunity to bring awareness to the student loan interest tax deduction cap of $2,500. Annually in January, 1098-E forms are sent out to people with student loan debt. The 1098-E is a tax deduction one can take for the interest they have paid toward student loans. The maximum tax-deductible amount is $2,500 but students often pay much more than that - sometimes thousands more.
In 1998, the tax-deductible amount was $1,000. It increased $500 per year until 2001 when it reached $2,500. At the rate it increased, it should be $12,500 today. I'm calling on you to help bring awareness to this so the cap of $2,500 in a tax deduction can be removed and every dollar paid toward student loan interest can be claimed on taxes.
During this difficult time, removing the cap would allow a greater tax deduction and put money back into the pockets of Americans struggling with student loan debt. This would change tax seasons for past, present, and future students with loans.
A petition was created to hopefully right this wrong. The supporters of the petition really need the help from powerful voices like yours. Please help to make this change a reality. https://www.change.org/Student-Loan-Interest
Sincerely,
__________
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