Lifetime Learning Affordability Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Lifetime Learning Accounts Title II: Increase in Maximum Pell Grant Awards Title III: Restoration of Deduction for Interest on Educational Loans Lifetime Learning Affordability Act of 1997 - Title I: Lifetime Learning Accounts - Amends the Internal Revenue Code to allow an annual deduction ($4,000 or $2,000 for a married single filer) for contributions to a lifetime learning account established to pay for higher education or job training expenses of the taxpayer or family member. Sets forth provisions regarding: (1) deductibility income limitations; (2) account ceilings; (3) age and contribution restrictions; and (4) tax treatment of distributions. Title II: Increase in Maximum Pell Grant Awards - Amends the Higher Education Act of 1965 to increase maximum Pell Grant awards. Title III: Restoration of Deduction for Interest on Educational Loans - Amends the Code to allow an annual deduction for interest on qualified educational loans for a taxpayer, spouse, or dependent.…