Make ALL student loan interest tax deductible - Remove the $2,500 cap
Make ALL student loan interest tax deductible - Remove the $2,500 cap
The Issue
I am calling on the government to do the next best thing to canceling loans: remove the cap on student loan interest that is tax-deductible.
Currently the cap on interest paid that can be claimed on taxes is $2,500. People with large loan amounts often pay thousands more than that. While people wait for the day when student loans are canceled or forgiven, student loan interest is growing and compounding.
Loan interest is the biggest complaint when it comes to student loans so why put a tax-deduction cap on the interest paid? Make every dollar on the 1098-E form tax-deductible, not just $2,500!
The amount has not increased since 2001 - at the rate it was increasing, the cap should be about $12,000 today.
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The Issue
I am calling on the government to do the next best thing to canceling loans: remove the cap on student loan interest that is tax-deductible.
Currently the cap on interest paid that can be claimed on taxes is $2,500. People with large loan amounts often pay thousands more than that. While people wait for the day when student loans are canceled or forgiven, student loan interest is growing and compounding.
Loan interest is the biggest complaint when it comes to student loans so why put a tax-deduction cap on the interest paid? Make every dollar on the 1098-E form tax-deductible, not just $2,500!
The amount has not increased since 2001 - at the rate it was increasing, the cap should be about $12,000 today.
250
Petition created on January 13, 2021