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One ray of hope in the great student loan farce is House Resolution 436 which is a bill being introduced in Congress by Reps. Phil English(R-PA) and Kenny Hulshof (R-MO). The new legislation would allow any student loan payment to be deducted. I know that we have some form of limited student loan deduction now ( but not after making 40,000 for you single people out there and 60,000 for us married) 436 would move those limits up allowing you to make 100,000 for single filers and 150,000 for us married. That means you could actually earn a living and still get a deduction. Also, 436 would allow a higher limit for the maximum you can deduct (current max deduction is 2,500) and allow you to take the deduction for as long as you are paying on the loan (current time limit is 60 months)So in short all I can say is GO 436. I hope it passes for all of us getting pounded by student loans.
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