Student Loan Deduction Act of 2024

This bill adds a new tax deduction for households to reduce their taxable income based on monthly student loan payments. It defines "student loan" to include both federal loans under the Higher Education Act and private education loans meeting specific Truth in Lending Act criteria. Households may deduct payments made by any household member, excluding amounts paid by third parties, starting 180 days after enactment. The deduction applies to expenses certified or recertified as part of household financial reporting.