Pocan Introduces Bill to Help Low-Income Households Pay Off Student Loan Debt

Press Release

U.S. Rep. Mark Pocan (WI-02), a member of the House Education and Workforce Committee, today introduced the Student Loan Interest Deduction Fairness Act, H.R. 5508. This bill would help low-income households who have made payments on their loans access greater equity in receiving the Student Loan Interest Deduction currently available to borrowers.

"Student loan debt is disproportionally affecting low-income households -- burdening them with financial adversity and weighing down our economy," said Rep. Mark Pocan. "This bill will fix an inequity in our tax code and help these families, which hold 58 percent of all student debt, pay off their crushing levels of student loan debt."

Today, the average student graduates with around $29, 400 in loans, but 58% of all student debt is held by families in the bottom 25% of household incomes. Nationally, student debt tops 1.2 trillion.

The Student Loan Interest Deduction Fairness Act is supported by Supported by the American Council on Education, Association of Public-Land Grant Universities, Equal Justice Works and One Wisconsin Now. Rep. Pocan is also the sponsor of several bills targeted at addressing the student loan debt crisis including the Federal Student Loan Refinancing Act, H.R. 4622, and the Relief for Underwater Student Borrowers Act, H.R. 5239.

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