Cicilline Introduces Two Bills to Make College More Affordable

Feb 7, 2019

WASHINGTON – As the cost of higher education continues to soar, U.S. Congressman David N. Cicilline (RI-01) today introduced a pair of bills to make a college degree more accessible.

 

The Student Loan Interest Tax Deduction Expansion Act will provide tax relief for middle class families with student loan debt. Cicilline’s bill increases the maximum tax deduction on student loan interest from $2,500 per year to $7,500 for individuals and $15,000 for married couples. In addition, the bill will allow any individual earning up to $100,000 annually, or any joint filers making that amount, to claim the deduction. Under current law, the deduction is reduced for individuals earning $65,000 ($130,000 for married couples), and phased out entirely for those earning over $80,000 ($160,000 for married couples).

 

In addition, the Student and Families Tax Reduction Act will provide further tax relief by making permanent an above-the-line tax credit for higher education tuition and fees. The tax credit, which expired at the end 2017, had allowed more than 1.7 million taxpayers to lower their tax bill in 2014 alone.

 

Cicilline issued the following statement today:

 

“For millions of Americans, higher education is a ticket to success later in life. The cost of this ticket, however, has grown exponentially in recent years. We need to do more to ensure that young people from working families can afford to pursue a college degree if they want. These bills will provide much-needed relief to help make that goal a reality.”