Similar Stories to Thousands Of Student-loan Borrowers Celebrating Biden's Latest Debt Relief Might Have To Pay Taxes On It In These 5 States on Bing News

Getty Images Biden recently announced student-debt relief for over 800,000 borrowers on income-driven repayment. The American Rescue Plan said debt relief will not be subject to federal taxes through 2025. While most states adopted the same guidance, some states could tax the latest relief. Student-loan forgiveness is starting to hit thousands of borrowers' accounts — but it might be subject to a state tax.On Monday, President Joe Biden's Education Department announced it was beginning to discharge student loans for 804,000 borrowers as a result of a one-time account adjustment for borrowers on income-driven repayment plans.

BING NEWS:
  • Biden’s Push to Cancel Student Debt Surpasses 5 Million Borrowers
    With Monday’s authorization and 27 previous ones, the Biden administration has forgiven over $180 billion in student loans, even as its larger policy vision never took root.
    01/13/2025 - 7:55 am | View Link
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