Thursday, November 30, 2017

ABA Asks Tax  Committees to Retain Deduction for Student Loan Interest

On Nov. 28, American Bar Association sent a letter to the chairs and ranking members of the U.S. House and Senate tax committees asking them to retain the student loan interest tax deduction in the Tax Cuts and Jobs Act being debated on the Senate floor.

This deduction is important to the more than 122,000 law students and recent graduates who are members of the ABA.

From the letter:

The rising costs of obtaining college and graduate education result in a widening of the chasm between rich and poor. As lower-income families face growing difficulty paying for college and graduate school, college education may soon become a luxury that only the wealthy can afford. Recognizing the problem, in his 1992 State of the Union speech, President Bush stated, “It's time to allow families to deduct the interest they pay on student loans."

You can read the letter here.


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