To amend the Internal Revenue Code of 1986 to increase the income limitations for the student loan interest deduction, and for other purposes.

Amends the Internal Revenue Code to increase the modified adjusted gross income threshold for reducing the allowable amount of the tax deduction for interest on education loans.

Makes permanent the elimination of the 60-month limitation on the tax deduction for interest on education loans and the increase in the income threshold for reducing the allowable amount of such deduction enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001.