The main purpose of this legislation is to change how married couples can claim a tax deduction for student loan interest. Currently, when both spouses have student loans, they may face limitations on their deductions due to their combined income. This bill aims to allow each spouse to apply the student loan interest deduction separately, which could potentially increase the amount they can deduct from their taxable income. Key provisions of the bill include a change to the Internal Revenue Code that allows each spouse to claim a deduction of up to $2,500 for student loan interest paid.