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S 656 101th Congress Senate Taxation Education Income tax Interest 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 17, 1989 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 17, 1989
Read twice and referred to the Committee on Finance.
Mar 17, 1989
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 on any indebtedness incurred to pay the educational expenses, including reasonable living expenses, of the taxpayer, spouse, or dependent.

What's happening now March 17, 1989

Read twice and referred to the Committee on Finance.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 656: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.. 101st Congress. Open America. https://openamerica.io/bill/101-S-656/
MLA
"S. 656: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-S-656/.
Bluebook (legal)
S. 656, 101st Cong. (2026), https://openamerica.io/bill/101-S-656/.
Markdown link
[S. 656: A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.](https://openamerica.io/bill/101-S-656/)
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