To help graduates gain a financial footing after graduation, We the People petition Congress and the Obama Administration to eliminate the student loan interest paid tax deduction cap and to adjust the income based phase out on a regular basis based on inflation or other such method to be determined.
Why is this important?
Students and graduates in the US now owe more than $1 TRILLION in student loans.
These loans are almost impossible to discharge and make it difficult for young graduates to buy a home and start a family.
Currently, the student loan interest tax deduction is capped at $2,500 of student loan interest paid in a given year. This deduction begins to phase out when a graduate’s income hits $60,000 and is completely phased out at an income of $75,000 ($150,000 for a married couple filling jointly).
