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The Department of Education announced on Aug. 14 that automatic discharges would begin for 804,000 borrowers who qualify for $39 billion in student loan relief due to fixes to income-driven ...
As of May 2024, The Biden-Harris Administration has provided $153 billion in debt relief to nearly 4.3 million student loan borrowers. In the summer of 2023, the Supreme Court ruled to strike down ...
Some states might consider student loan debt forgiveness a taxable event, meaning borrowers would have to pay state income taxes on the canceled debt, according to the Tax Foundation ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [ 1]
If you’re among the millions of Americans who are eligible for the sweeping student loan forgiveness, your relief may be short-lived if you’re worried about owing taxes on your canceled debt ...
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [51] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [52]
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