Tag #Gop Tax Plan

What are the immediate consequences of eliminating the student loan interest deduction for millions of American borrowers?

House Republicans are considering eliminating the student loan interest deduction, impacting millions of borrowers. This deduction, allowing up to a $2,500 deduction annually, has provided over $1.6 billion in relief in 2020 alone. Eliminating it would directly increase the financial burden on borrowers already struggling with high debt levels.