Some or all of the interest paid on student loans can be deducted from your taxes. But despite the proliferation of these types of loans over the years, many taxpayers don't see a real benefit.

That's because, unlike with home mortgage interest, the student loan interest deduction has significant limitations and has changed numerous times over the years.

Bloomberg Tax columnist Kelly Phillips Erb says Congress needs to rethink how the tax code treats student loans—especially if President Biden forgives a huge swath of them, as he's discussed doing. Kelly also talks about the struggles of paying for higher education and about her family's decision whether to borrow money for her kids, even though she's still paying off her own student loans.

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