GOP Tax Bill Would Kill Deduction For Student Loan Interest
WASHINGTON (AP) - Millions of Americans would lose the ability to deduct up to $2,500 in student loan interest under the Republican tax bill.
Education advocates say the proposal would make college less affordable. But supporters of the measure say the loss would be offset by other provisions in the bill.
In a letter to top members of the House Ways and Means Committee, the American Council of Education asked lawmakers to reconsider their plan and keep the deduction for student loan interest. ACE, a leading national higher education advocacy and research group, said Tuesday, "This bill heads in the wrong direction."
In 2015, 12.2 million taxpayers took the student loan deduction, which phases out at higher incomes.
The Education Department did not respond to a request for comment Tuesday.
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