The bipartisan Student Loan Marriage Penalty Elimination Act would end the marriage penalty for deducting student loan debt interest payments for married couples

The bill would allow married couples to increase their tax deduction for student loan interest payments from $2,500 to $5,000 if both individuals made eligible student loan interest payments

Senator Warnock has long pushed for meaningful student debt relief and successfully secured over $153 billion in relief for 4.3 million Americans

Senator Reverend Warnock: “The bipartisan Student Loan Marriage Penalty Elimination Act shows that what is often the right thing to do is also the smart thing to do. This bill will put dollars back into the pockets of married couples and families”

Senator Lankford: “Marriage should never come with a tax penalty. For too long, couples with student loan debt have been treated unfairly simply because they file jointly. I’ve long worked to eliminate marriage penalties in the tax code, and this bill takes a commonsense step to ensure married couples are treated fairly”

Washington, D.C. – Senate Finance Committee members Reverend Raphael Warnock (D-GA) and James Lankford (R-OK), along with their colleagues Senators Michael Bennet (D-CO) and Cynthia Lummis (R-WY), introduced the bipartisan Student Loan Marriage Penalty Elimination Act, legislation that would end the marriage penalty for deducting student loan debt interest payments.

Under current law, individuals may deduct up to $2,500 in student loan interest payments from their income. Married individuals are subject to the same $2,500 total limit, even if both individuals in the couple have made student loan interest payments. The Student Loan Marriage Penalty Elimination Act would remove this marriage penalty so that the deduction could be claimed by each person in a married couple, $5,000 total.

“Couples shouldn’t be penalized for affirming their love for one another,” said Senator Warnock. “The bipartisan Student Loan Marriage Penalty Elimination Act shows that what is often the right thing to do is also the smart thing to do. This bill will put dollars back into the pockets of married couples and families, and I am proud to work alongside Senator Lankford on this commonsense bill.”

“Marriage should never come with a tax penalty. For too long, couples with student loan debt have been treated unfairly simply because they file jointly. I’ve long worked to eliminate marriage penalties in the tax code, and this bill takes a commonsense step to ensure married couples are treated fairly,” said Senator Lankford.

“I hear repeatedly from Coloradans who are struggling in an economy they feel has left them behind — and rising student loans have not made it easier. This is especially true for married couples who face an unfair penalty when deducting student loan debt interest payments. The Student Loan Marriage Penalty Elimination Act will undo this unfair obstacle for married couples so that they can purchase homes, start a business, and build a family,” said Senator Bennet.

“Marriage shouldn’t come at the price of unfair tax penalties,” said Senator Lummis. “The Student Loan Marriage Penalty Elimination Act removes unnecessary tax burdens, strengthens financial stability for American families, and puts more money back where it belongs—into their households. I’m proud to join Senator Lankford and Senator Warnock on this commonsense measure.”

Since coming to the Senate, Senator Warnock has championed bringing tax breaks to working-class Americans. Last year, Senator Warnock introduced the American Family Act, legislation that would nearly double the Child Tax Credit (CTC). Additionally, Senator Warnock has long supported meaningful student debt relief.

In addition to Senators Warnock and Lankford, the legislation is co-sponsored in the Senate by U.S. Senators Bennet (D-CO) and Lummis (R-WV). All four are members of the Senate Finance Committee. Companion legislation was introduced in the House by Congressman Glenn Grothman (R-WI-06).