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Student loan forgiveness

If your student loans were forgiven last year, what does that mean for your tax bill?

by Samantha Fields
Feb 15, 2024
Due to a temporary change in the law, student loan forgiveness is not considered federally taxable income. State tax laws vary, though.
Anyone who received forgiveness in 2023 or gets it in the next two years doesn’t have to worry about federal taxes.
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What you need to know about President Biden's new student loan forgiveness plan

by Samantha Fields
Nov 3, 2023
While the Department of Education is focusing debt relief on five broad categories, the finalized details of the plan are still being ironed out.
President Joe Biden's new student loan forgiveness plan is still in its early stages, so whether it will include full or partial forgiveness is unclear.
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Older people also face student loan debt burden with payments looming

by David Brancaccio , Chris Farrell and Alex Schroeder
Sep 14, 2023
Much attention is paid to younger borrowers, and rightfully so. But some 3.5 million Americans 60 and older hold substantial debt.
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More than 800,000 people are getting student loans forgiven

by Samantha Fields
Sep 5, 2023
It's part of a one-time fix by the Biden administration to the income-driven repayment program for federal student loans.
Last spring, the Biden administration announced a one-time fix to rectify what the education secretary called “years of administrative failures” with the income-driven repayment program.
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The Biden administration is forgiving $39 billion in federal student loans. Find out if you qualify 

by Janet Nguyen
Jul 14, 2023
More than 800,000 U.S. borrowers should see relief.
The Supreme Court struck down President Joe Biden's loan forgiveness plan, but the Biden administration has announced some remedies that will provide some borrowers with relief.
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National Debt

What the debt ceiling deal means for your student loans

by Hannah Baggenstoss
Jun 2, 2023
A debt ceiling deal has been made, and student loan borrowers will have to start making payments again later this summer.
President Joe Biden’s student loan forgiveness plan is awaiting a decision by the Supreme Court.
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Raising the Debt Ceiling

Why is it so hard for Congress to deal with the national debt?

by Kimberly Adams
Apr 20, 2023
Reining in our debt amid the debt ceiling battle would require big — and painful — changes to government spending and taxation.
House Speaker Kevin McCarthy's terms for lifting the debt ceiling would limit discretionary spending, roll back some tax credits, end student loan forgiveness and repeal additional IRS funding, among other things.
Stefani Reynolds/AFP via Getty Images
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I've Always Wondered ...

What would happen if everyone just stopped paying their student debt? 

by Janet Nguyen
Mar 24, 2023
U.S. borrowers hold a collective $1.8 trillion in both public and private student loans.
Student loan borrowers gathered near The White House at the beginning of the pandemic, telling President Joe Biden to cancel student debt.
Paul Morigi/Getty Images for We, The 45 Million
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Federal student aid office has a big to-do list in 2023, but the same budget

by Stephanie Hughes
Dec 29, 2022
The office will have to manage student loan forgiveness — if that clears Supreme Court challenges — and the resumption of loan payments after a pandemic pause.
The Supreme Court will hear challenges to the administration's student debt forgiveness policy in February.
Paul Morigi/Getty Images for We the 45m
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A window is closing for government, nonprofit employees to get student loans forgiven

by Samantha Fields
Oct 27, 2022
A federal program used to reject most applications. But a Biden administration waiver has allowed forgiveness for $14 billion in loans.
Among the Biden administration's policies affecting student loan holders is a temporary waiver easing requirements for the Public Service Loan Forgiveness program.
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