[Congressional Record Volume 143, Number 48 (Tuesday, April 22, 1997)]
[Senate]
[Page S3463]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              LOAN INTEREST FORGIVENESS FOR EDUCATION ACT

 Mr. BURNS. Mr. President, it was with great pleasure that on 
April 15, Tax Day, I joined with Senators Grassley and Moseley-Braun in 
cosponsoring the Loan Interest Forgiveness for Education Act, S. 573.
  With Americans scrambling last week to get their tax returns filed, 
this bill offers a bit of relief for students who rely on loans to pay 
their higher education bills. This legislation will restore the tax 
deduction for student loan interest, with eligibility for the deduction 
phased out for taxpayers with incomes between $65,000 and $85,000 
(single returns) and $85,000 and $105,000 (joint returns). This modest 
step will take some of the sting out of repaying student loans.
  A college degree is more important in today's job market than it has 
ever been. At the same time, education costs continue to rise and the 
average debt of graduates is at record levels. On top of that, the tax 
burden has increased, putting a serious strain on college graduates as 
they work to pay off their loans and interest and still get ahead in 
the job market.
  Let us give student loan recipients a tax break. Let us send a 
message about the importance of student loans and higher education. 
This is a sound investment in our Nation's future.

                          ____________________