To amend the Internal Revenue Code of 1986 to allow a credit against income tax for interest on education loans.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow a credit for interest paid or incurred on a qualified education loan for a six-year period (whether or not consecutive). Limits such credit to $300 per individual whose education expenses are being financed by such loan. Allows higher limits for taxpayers with large amounts of education loan interest (not to exceed $500). Sets forth limits on the gross income of taxpayers eligible for such credit.…