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To help student borrowers, make education debt tax deductible

To help student borrowers, make education debt tax deductible

To help future borrowers, the administration should work with Congress to make all educational debt payments tax deductible including private loans which cannot be forgiven by the government

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When people carry education debt it can make it harder to budget basic needs, save money and qualify for financing to purchase a home.

Education debt and the cost of higher education also deters people from pursuing higher education, which is unfortunate for both their own socioeconomic mobility and the overall economy. To address this problem, the incoming Biden administration may ask Congress to forgive up to $10,000 of federal student loans per borrower to help people currently buried in debt.