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S 2160 102th Congress Senate Taxation College costs Education Educational finance Income tax Interest Medical education Student loan funds Tax credits Tax deductions

A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.

Introduced: January 24, 1992 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 102nd Congress ended
It never became law before the 102nd Congress (1991–1992) 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
Jan 24, 1992
Read twice and referred to the Committee on Finance.
Jan 24, 1992
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow an itemized deduction for interest on educational loans for the first 48 months (whether or not consecutive) for which a payment is required to be made.

Allows a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which a payment is required to be made. Limits such credit to $300.

Requires taxpayers to elect the tax deduction or the tax credit, but not both. Prohibits the use of such deduction if a deduction is allowed for residence interest which is allocable to indebtedness used to pay qualified higher education expenses. Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student.

What's happening now January 24, 1992

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. 2160: A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.. 102nd Congress. Open America. https://openamerica.io/bill/102-S-2160/
MLA
"S. 2160: A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-S-2160/.
Bluebook (legal)
S. 2160, 102nd Cong. (2026), https://openamerica.io/bill/102-S-2160/.
Markdown link
[S. 2160: A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect a deduction or credit for interest on certain educational loans.](https://openamerica.io/bill/102-S-2160/)
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