Should student loans be tax deductible when you pay them back?

Agree with Mother Hubbard to an extent. A basic college education should be funded through the State (not the Federal) Government. Private colleges should remain unchanged in a Capitalist society. As college educations are good for the economy, it makes sense that the Federal Government is willing to underwrite the lender but I don't think there should be a tax deduction if and when a publicly funded education is available at no charge.

In the present situation, it would help young people starting out to be able to write off their interest costs and is not a bad idea.

EDIT

What Mother Hubbard means is government funded college, not self funded.

By the way, the entire thinking behind "public" school at any age has to do with the value educated people adds to our country as a whole. Up until the 1980s one could find a good paying job with nothing more than a high school diploma. Manufacturing paid a good wage due to union negotiations over the years and one could work at a factory with no additional education other than on-the-job training. Since then unions have been, for the most part, successfully defeated by capitalist lobbying and much of what remains in the non-union sector doesn't pay enough to raise a family. Today, it is far more critical to earn a college degree than it was in the past. I'm actually puzzled that the government is busy telling us we need more physicists, chemists, engineers, biologists, IT specialists, etc., but they don't do a thing about it. One day, a State will step up and fund a bachelor's degree, probably California, and the wealth of educated people that decision produces will cause a serious boost to our economy, first in California but ultimately for the country as a whole.

Hey I would not have a problem making student loans tax deductible, if they are paid in full and not defaulted on.

I like any and all tax cuts.

Yes all the tax deductions become invalid as soon as the student loan becomes delinquent.

So in effect your saying you think You should not have to pay back money you borrow....next time someone borrows from you...tell them "dont worry about it, I will use it as a tax write off"!

I don't think an education should cost anyone anything....knowledge should be free of charge. This is the one time I agree with Hubbard.

Or reduce the interest rate, so the federal government isn't making a $43.1 billion profit off of them per year.

Student loans should be some of the lowest interest loans in existence.

The state of Michigan (my home state, which is why I mention this) is attempting to move forward with a "pay it forward" type system that Oregon is piloting. Essentially, attendance at a university would be free initially but after graduating you must pay 1.5% or 3% of your salary back to the university for 20 years (for a community college or four-year university, respectively).

This is an intriguing idea, and will help students to not have massive, crushing debt when they graduate. There's things to be worked out (like should there be a 120% cap repayment based on cost of attendance, what if you don't get a job right away, etc.)

That would make sense.

I wouldn't have a problem with that.As long as you couldn't deduct it all at once and only after the yearly loan amount was paid in full.

Nope.

That would basically forcing waitresses and truck drivers to fund the educations of doctors and lawyers.

NO- education should be FUNDED-- not BORROWED.