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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.
This is because of The American Rescue Plan of 2021, which made student loan forgiveness tax-free through 2025. However, some borrowers may have to pay state taxes on forgiven debt.
This is welcome news for the nearly 44 million student loan borrowers across the U.S. who, alone, carry a combined $1.6 trillion of Federal student loan debt, according to USA Today.
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution." [1]
The US first major government loan program was the Student Loan Marketing Association (Sallie Mae), formed in 1973. [clarification needed] Before 2010, federal loans included: loans originated and funded directly by the Department of Education (ED) government guaranteed loans originated and funded by private investors.
t. e. Federal Student Aid ( FSA ), an office of the U.S. Department of Education, is the largest provider of student financial aid in the United States. Federal Student Aid provides student financial assistance in the form of grants, loans, and work-study funds. FSA is a Performance-Based Organization, and was the first PBO to be established in ...
The largest is a $145 billion increase that’s partly due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some ...
Private student loans. A Federal Perkins Loan, also referred to as a Perkins Loan, was a need-based student loan offered by U.S. Department of Education from 1958 until 2017. [1] Created as part of the Federal Direct Student Loan Program, the Perkins Loan served to assist American college students fund their post-secondary education.
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