The ADA has signaled its support of the Student Loan Interest Deduction Act of 2021, which would double the interest rate deduction for student loans, in a recent letter to the bill's sponsor.
ADA President Dr. Cesar Sabates and Executive Director Dr. Raymond Cohlmia thanked Rep. Eric Swalwell (D-CA) for introducing the bill (HR 4726) in a May 31 letter.
"Today's new dentists face unprecedented levels of debt as a direct result of paying for dental school," wrote Drs. Sabates and Cohlmia. They noted that new dentists graduate, on average, with nearly $305,000 in educational debt, according to a recent survey.
HR 4726 proposes modifications to tax deductions for student loan interest by increasing the maximum deduction for interest paid on any qualified education loan up to $5,000 ($10,000 for married couples filing a joint tax return) and repealing the limitation on the deduction based on one's modified adjusted gross income.
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