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will not be tax-deductible.
“I believe that educational loans should be treated as investments. Interest on these loans should therefore be deductible for Federal income tax purposes, which was the case prior to 1987,” he stated.
Rep. Slaughter explained that he supports a bill (H.R. 747) in the House of Representatives to amend the Internal Revenue Code of 1986 to restore the income tax deduction for interest on educational loans. Roughly 255 of Rep. Slaughter’s colleagues also favor this bill in the Congress, he said.
“Education costs place a tremendous financial burden on American students and their families,” said Mr. Slaughter. “Graduate students in particular may incur debts so large that their initial payments consist mainly of interest. Allowing a tax deduction of this interest would serve as an incentive for people in the workforce to continue their training or education, and it would be a substantial relief to students facing hefty loan payments. ”
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