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S 628 100th Congress Senate Taxation Education Finance and Financial Sector Income tax Interest Student aid Student loan funds Tax deductions

A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.

Introduced: March 3, 1987 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 100th Congress ended
It never became law before the 100th Congress (1987–1988) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 1988
Committee on Finance. Hearings held.
Mar 3, 1987
Read twice and referred to the Committee on Finance.
Mar 3, 1987
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow an income tax deduction for interest paid or incurred on a qualified educational loan.

Defines "qualified educational loan" as any indebtedness incurred to pay the educational expenses of the taxpayer or the taxpayer's spouse or dependent. (Present law requires that such a loan be secured by an interest in real property.)

What's happening now March 15, 1988

Committee on Finance. Hearings held.

 Related & companion bills 4
  • HR 592 Identical bill A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.
  • HR 603 Identical bill A bill to amend the Internal Revenue Code of 1986 to restore the deduction for the interest on educational loans.
  • HR 979 Identical bill A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.
  • HR 2262 Identical bill A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.
 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 628: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.. 100th Congress. Open America. https://openamerica.io/bill/100-S-628/
MLA
"S. 628: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-S-628/.
Bluebook (legal)
S. 628, 100th Cong. (2026), https://openamerica.io/bill/100-S-628/.
Markdown link
[S. 628: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.](https://openamerica.io/bill/100-S-628/)
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