The new Act permits more student loan interest to be deducted.
	Under current rules, taxpayers can deduct up to $2,500 in student loan interest above the line.  The deduction also had been severely limited by the rule that a taxpayer’s adjusted gross income must fall under a certain thresh hold and the interest must be attributable to payments made during the first 60 months in which interest payments are required.
	(CLICK MOUSE)
	The new law scraps these restrictions.  It raises the income phase-out thresholds to $55,000 - $65,000 for singles; $100,000 - $130,000 for joint filers.  It also repeals both the annual dollar limit on the amount of the deduction and the 60-month limit.