Increase the allowable college loan tax paid that can be declared as a tax deduction from current schedules.
Why is this important?
There is an annual limit on the interest on college loans you are allowed to declare on your tax returns (based on income). I personally pay a college loan balance of over $90,000 for a loan taken for my son a number of years ago. The interest on this balance is approximately $6500 a year of which I can only declare about $2500.
I am recommending that the IRS increase the allowable interest that can be deducted each year for seniors age 65 and over paying for college loans to provide some cash-flow relief given many at this point have fixed incomes. My son is not in a position to assume or provide loan support.
