Issacson to introduce bill giving tax credits to student loan borrowers
HARRISBURG, Dec. 20 – Rep.-elect Mary Louise Isaacson, D-Phila., is planning to introduce legislation that would establish a tax credit for interest paid on student loans.
"Pennsylvania has the second highest average debt per student in the country," said Isaacson. "This tax credit will help ease the burden on citizens who are doing their best to pay off their student loan debt - the necessary advances they had to take out on their future success."
The bill would provide for a tax credit up to $2,500 per individual on interest paid during a calendar year for the life of the loan.
The credit would be available to individuals making up to $75,000 and couples up to $155,000.
In Pennsylvania, borrowers owe $53.7 billion in total student loan debt. The average amount of debt per student is $35,759.