Make College Affordable Act of 2001 - Amends the Internal Revenue Code to allow an annual income-adjusted deduction for qualified higher education expenses (tuition and academic fees) paid on behalf of a taxpayer, spouse, dependent, or grandchild. (Prohibits the use in the same year of such deduction and the Hope and Lifetime Learning Credits.)
Establishes an annual income-adjusted credit (up to $1,500) for the interest paid during the first 60 months of a qualified higher education loan by a non-dependent taxpayer.
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Mar 6, 2001
Read twice and referred to the Committee on Finance.