Student Loan Deduction Act of 2024

Bill: 118-s-3807
Sponsor: full_name: Sen. Welch, Peter [D-VT]
Introduced: 2024-02-27
Policy area: Agriculture and Food
Latest action: action_date: 2024-02-27
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 3807 IN THE SENATE OF THE UNITED STATES February 27, 2024 Mr. Welch (for himself, Ms. Duckworth , Mrs. Shaheen , Mr. Booker , Mr. Padilla , Mr. Sanders , Mr. Wyden , and Mr. Blumenthal ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Food and Nutrition Act of 2008 to allow for deductions of student loan payments from income.

1. Short title This Act may be cited as the Student Loan Deduction Act of 2024 . 2. Deduction for student loan payments Section 5(e) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2014(e) ) is amended by adding at the end the following: (7) Deduction for student loan payments (A) Definition of student loan In this paragraph, the term student loan means any of the following: (i) A loan that is made, insured, or guaranteed under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. ). (ii) A private education loan (as defined in section 140(a) of the Truth in Lending Act ( 15 U.S.C. 1650(a) )). (B) Deduction Beginning 180 days after the date of enactment of this paragraph, a household shall be entitled, at certification or recertification, as applicable, with respect to expenses other than expenses paid on behalf of the household by a third party, to a deduction for the amount of monthly payments made by a household member on a student loan of that household member or any other household member. .