WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) is fighting for Ohio students as the Senate Finance Committee considers the GOP tax reform plan. Brown filed an amendment to double the current student loan interest deduction to $5,000, providing student borrowers with additional relief as they work to pay back their loans.
“Student loan debt shouldn’t hold students back for decades after they’ve graduated,” said Brown. “Let’s put money back in the pockets of Ohioans with student loan debt, and give them a real shot at making other investments in their future like a home, a new business or going to graduate school.”
Right now, people who are repaying student loans can get a deduction of as much as $2,500 based on their interest payments. That means the higher your loan, the bigger your deduction. While the House bill would get rid of this important deduction, the Senate bill leaves it intact. Brown wants to double the deduction, to put money back in the pockets of student borrowers.
Brown has sought relief for Ohioans with student loan debt, including efforts to refinance their debt at the same low rates offered to new borrowers in the student loan program.
###
