hold on there's just too much going on in Congress lmao...
Allows married couples to deduct student loan interest separately.
Sen. Warnock (D, GA) and a bipartisan group of senators.
Introduced in Senate, no vote yet.
This bill, officially named the "Student Loan Marriage Penalty Elimination Act of 2026," aims to change the tax code so that married couples can deduct student loan interest up to $2,500 for each spouse, rather than having a single $2,500 limit for the couple. It was introduced by Senator Warnock (D-GA) along with Senators Lankford (R-OK), Lummis (R-WY), and Bennet (D-CO). As an introduced bill, it has been sent to the Senate Finance Committee for review and has not yet faced a vote by the full Senate.
Introduced Mar 17, 2026
This bill is currently in the 'Introduced' stage in the Senate. It was introduced by a group of senators and has been referred to the Senate Committee on Finance. For the bill to become law, it would typically need to be approved by this committee, then passed by the full Senate, then passed by the House of Representatives, and finally signed by the President.
If this bill becomes law, married couples who both have student loans and pay interest could deduct more on their taxes. Currently, a married couple filing jointly can deduct a maximum of $2,500 in student loan interest. This bill would allow each spouse to deduct up to $2,500 individually, potentially doubling the total deduction for couples where both spouses have eligible student loan interest. This change is intended to reduce their overall taxable income, with the amendments applying to tax years starting after December 31, 2026.
Supporters Say
Supporters say it fixes an unfair tax rule for married couples with student loans by allowing separate deductions.
Critics Say
The bill text does not specify any criticisms of this proposal.
Those in favor of the bill would argue that it eliminates a 'marriage penalty' in the tax code, allowing married individuals with student loan debt to deduct interest in a similar way to how single individuals do. This could provide significant tax relief for couples managing student loan payments. Since no opposing viewpoints are detailed within the bill text itself, specific criticisms of this legislation are not presented here.