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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 ...
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 ...
Here’s what the California Franchise Tax Board says: “Forgiveness of student loan debt is generally taxable unless it meets one of the exclusions in California Revenue and Taxation Code ...
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]
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 ...
In the United States, student loans are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. [ 1] With notable exceptions, student loans must be repaid, in contrast to other forms of financial aid such as scholarships ...
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