The Loan Interest Forgiveness for Education Act, S. 573, would allow qualified students to deduct the interest on higher education loans on their federal taxes. In his floor statement, Burns noted that while a college degree is essential in today's job market, the costs of obtaining a college degree continue to climb as does the average debt of graduates. The Department of Labor estimates that, by the year 2000, more than half of the new jobs created will require an education beyond high school. The Tax Reform Act of 1986 eliminated the option for students to deduct student loan interest from their federal income taxes.
Lets send a message about the importance of student loans and higher education.