Neb. Senator looks to make some college loans tax-deductible - kotanow.com- Scottsbluff Area News, Sports, and Weather

Neb. Senator looks to make some college loans tax-deductible

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A legislative panel will consider a bill this year that would make college loans for graduate degrees tax-deductible in Nebraska.
 
Senator Paul Schumacher introduced a measure today that would allow taxpayers to deduct the principal paid on loans used to obtain a graduate degree.

The deduction would only apply for the first 10 years after a resident had earned the degree.

Schumacher says he proposed the bill after talking with a young woman who grew up in Nebraska, earned a law degree out-of-state, and returned with massive student debt.
 
He argues that a similar deduction was given to Nebraska's state-sponsored college savings plan, but that plan assumes that a family has enough money to save ahead of time.

 

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