A bill to amend the Internal Revenue Code of 1986 to restore the deduction for interest on educational loans.

Amends the Internal Revenue Code to allow an income tax deduction for interest paid or incurred on a qualified educational loan.

Defines "qualified educational loan" as any indebtedness incurred to pay the educational expenses of the taxpayer or the taxpayer's spouse or dependent. (Present law requires that such a loan be secured by an interest in real property.)