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BREAKING: Tax Bill Targets Student Loan Borrowers

November 4, 2017 | Adam S. Minsky, Esq. Articles Current Events Policy & Reform Taxes

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Late this week, the House GOP unveiled its much-anticipated tax reform bill. The bill makes a lot of reforms to the tax code for both individual and corporate taxpayers. There are some major changes proposed for student loan borrowers.

First, the bill eliminates the student loan interest deduction. Currently, individuals earning an income of up to $80,000 per year (or $160,000 for married couples filing jointly) can deduct up to $2,500 per year in interest paid on their student loans, although the benefit begins to get phased out once an individual hits $65,000 per year in income. There are over 44 million student loan borrowers in the United States, and an estimated 12 million of them claim this deduction. 

Second, the bill eliminates a tax break for employers who agree to pay for a portion of an employee’s educational costs. The elimination of this tax break may reduce any incentive for companies to pay for their employees to go back to school for additional degrees or  certifications, passing the costs on to individual students.

Third, the bill eliminates a tax deduction that certain individuals can get for tuition and educational-related fees.

Taken together, these changes may directly impact millions of student loan borrowers and their families. A vote on this bill may occur as early as this week. If you are concerned about these proposed changes, contact your elected officials. Find your congressperson, and call both of your senators.

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Articles Current Events Policy & Reform Taxes

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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asminsky@minsky-law.com
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Boston, MA 02110

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