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S4119119th CongressWALLET

Student Loan Marriage Penalty Elimination Act of 2026

Sponsored By: Senator Raphael Warnock

Introduced

Summary

Lets each spouse claim up to $2,500 of student loan interest so married couples filing jointly could potentially claim up to $5,000 in total. The bill would also add a rule to prevent the same interest from being deducted more than once.

Show full summary
  • Married couples: Couples who both pay student loan interest could increase their combined deduction to as much as $5,000 if both spouses qualify.
  • Single filers: Individual taxpayers keep the existing $2,500 cap per person, so their treatment does not change.
  • Tax interactions and timing: The bill would bar double claims of the same interest across tax rules and takes effect for taxable years beginning after December 31, 2026.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Higher student loan deduction for couples

This bill would let each spouse deduct up to $2,500 of student loan interest for their taxable year. If enacted, married couples filing jointly could together deduct up to $5,000. No deduction would be allowed under this section for any amount already deducted under another tax provision. The change would apply to taxable years beginning after December 31, 2026.

Sponsors & CoSponsors

Sponsor

Raphael Warnock

GA • D

Cosponsors

  • James Lankford

    OK • R

    Sponsored 3/17/2026

  • Cynthia Lummis

    WY • R

    Sponsored 3/17/2026

  • Michael Bennet

    CO • D

    Sponsored 3/17/2026

Roll Call Votes

No roll call votes available for this bill.

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