Student Loan Debt/Interest
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My family pays over $10,000 a year in student loan interest to the U.S. Government, FedLoan Services, yet our tax return deduction is limited to $2,500 a year. This means we are paying the U.S. government approximately $10,000 a year in interest, deducting $2,500 of interest on our tax return, and then the government is TAXING us on the remaining $7,500 balance that already went straight into their pockets.
I am not asking for our student debt to be forgiven-we have earned our debt. However, I do think everyone should be able to deduct, IN FULL, the interest they are paying, especially since the government is the entity that is benefiting from our interest payments.
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