Higher Education Investment Act of 1995

Higher Education Investment Act of 1995 - Amends the Internal Revenue Code to allow an individual a credit of 20 percent of the interest paid on any qualified education loan. Limits the maximum credit allowable to $500 for an individual and $1,000 for two or more individuals. Imposes a limit on the amount of credit based on modified adjusted gross income of the taxpayer over $40,000 ($60,000 for a joint return). Limits the period the credit is allowed to a taxpayer or spouse to the first 60 months in which interest payments are required. Provides that any loan and all refinancings of any loan shall be treated as one loan. Allows a credit, if the education loan was used to pay the education expenses of an individual other than the taxpayer or the taxpayer's spouse, for certain dependents. Defines qualified education loan and qualified higher education expenses. Allows a credit to a married couple only if such couple files a joint return. Requires that an individual engaged in a trade or business who receives from any individual interest aggregating $600 or more on any qualified education loan, make a return with respect to each individual from whom such interest was received. Directs that in the case of returns which would be required to be made by two or more persons, only the person first receiving such interest shall be required to make the return.