The Student Loan Marriage Penalty Elimination Act of 2026 changes how married couples can deduct student loan interest on their taxes. Currently, married couples filing jointly face a combined $2,500 limit on the student loan interest deduction, which can disadvantage couples where both spouses have significant student debt. This bill would allow each spouse to claim the $2,500 deduction separately, effectively doubling the total deduction available to married households to $5,000. The change would take effect for tax years beginning after December 31, 2026. The bill, introduced by a bipartisan group of senators including Warnock, Lankford, Lummis, and Bennet, is designed to reduce the financial penalty that married couples with student loans currently face compared to unmarried filers.