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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 ...
Borrowers whose student loans were forgiven in 2023 may owe state taxes. President Biden has forgiven more than $136 billion in student loan debt for over 3.7 million borrowers. The debt relief ...
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 student loan forgiveness plan isn’t expected to trigger any income tax consequences on federal returns, mainly because the American Rescue Plan of 2021 made student loan forgiveness tax-free ...
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.
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