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S 271 103th Congress Senate Taxation College costs Education Health Income tax Interest Medical education Student loan funds Tax credits Tax deductions

A bill to amend the Internal Revenue Code of 1986 to allow a credit for interest paid on education loans.

Introduced: February 2, 1993 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 103rd Congress ended
It never became law before the 103rd Congress (1993–1994) 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
Feb 2, 1993
Read twice and referred to the Committee on Finance.
Feb 2, 1993
Sponsor introductory remarks on measure. (CR S1034-1035)
Feb 2, 1993
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow a tax credit for interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which interest payments are required to be made. Limits such credit to $300.

Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student.

Excludes interest paid on education loans from the definition of "personal interest" (thus, allowing a deduction to be taken) unless a credit or deduction with respect to such interest is taken.

What's happening now February 2, 1993

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. 271: A bill to amend the Internal Revenue Code of 1986 to allow a credit for interest paid on education loans.. 103rd Congress. Open America. https://openamerica.io/bill/103-S-271/
MLA
"S. 271: A bill to amend the Internal Revenue Code of 1986 to allow a credit for interest paid on education loans.." 103rd Congress, 2026, Open America, https://openamerica.io/bill/103-S-271/.
Bluebook (legal)
S. 271, 103rd Cong. (2026), https://openamerica.io/bill/103-S-271/.
Markdown link
[S. 271: A bill to amend the Internal Revenue Code of 1986 to allow a credit for interest paid on education loans.](https://openamerica.io/bill/103-S-271/)
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