During the pandemic, students who had government student loans did not need to make any loan repayments. The interest was also stopped from accumulating, beginning Mar. 13, 2020. At the same time, borrowers were able to deduct interest paid on their loans up to $2,500 per year from their taxes.
Last year, President Joe Biden passed a bill to eliminate the student loans carried by millions of students. His plan was put on hold by the courts and is still in limbo—and, with it, the ability to claim any further student loan interest deduction.
