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Increased Tax Deduction for Student Loan Interest

This bill increases the amount you can deduct from your taxes for student loan interest. This means people repaying student loans could pay less in taxes, leaving them with more money. These changes are set to apply to tax years beginning after the bill becomes law.
Key points
The maximum student loan interest deduction increases to $5,000 ($10,000 for joint filers).
The income-based limitation for the deduction is removed, allowing more people to benefit regardless of their earnings.
You cannot claim this deduction if you already deduct the same amount under another tax rule.
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Expired
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Additional Information
Print number: 117_HR_4726
Sponsor: Rep. Swalwell, Eric [D-CA-15]
Process start date: 2021-07-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Interest Deduction Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4726.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-27.

What are the main provisions?

Key points include:

  • The maximum student loan interest deduction increases to $5,000 ($10,000 for joint filers).
  • The income-based limitation for the deduction is removed, allowing more people to benefit regardless of their earnings.
  • You cannot claim this deduction if you already deduct the same amount under another tax rule.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Swalwell, Eric [D-CA-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Education