Shaheen at St. Anselm’s: Eliminating Student Loan Interest Deduction Disproportionally Impacts NH
SHAHEEN: “Reforming the tax code is necessary but it shouldn’t be paid for by graduates already bearing a tremendous debt burden”
**80,000 Granite Staters take advantage of this deduction**
(Manchester, NH) – Today, Senator Jeanne Shaheen (D-NH) hosted a roundtable discussion with the New Hampshire College and University Council on the House Republican tax bill which was introduced yesterday and eliminates the student loan interest tax deduction. 80,000 Granite Staters take advantage of this deduction.
“Student loan debt is a nationwide crisis and New Hampshire is ground zero,” said Shaheen. “The last thing college graduates need is to be disadvantaged by the tax code. As the state with the highest student debt load in the country, eliminating the student interest loan deduction disproportionally impacts New Hampshire. Reforming the tax code is necessary but it shouldn’t be paid for by graduates already bearing a tremendous debt burden -- that’s why I’ll be urging Congress to reject this proposal as the tax reform process moves forward.”
Participants at today’s roundtable discussion included financial aid representatives from the University of New Hampshire, Southern New Hampshire University, New Hampshire Institute of Art, Keene State College, New England College, Plymouth State University and Community College System of New Hampshire, members of St. Anselm College’s admissions staff, officials from Stay Work Play, Franklin Pierce University, Manchester Community College and the New Hampshire Higher Education Assistance Foundation’s Center for College Planning and students.
New Hampshire students have the highest student debt load in the nation with an average debt of over $36,000. The United States’ student loan debt is a staggering $1.3 trillion, which is higher than total credit card debt.
Senator Shaheen supports reforming our tax code to increase working families’ wages, improve middle-class job growth, promote investments and help small businesses. She is committed to working across party lines in an open process to simplify the tax code that supports students and working families.