Borrowers in thirteen states who have student debt canceled under the Biden administration’s plan may still be taxed hundreds of dollars next year on their forgiven loans.
President Joe Biden announced major reforms to student debt last week, including how borrowers making less than $125,000 a year (or up to $250,000 as a family) may have up to $20,000 in loans canceled for Pell Grant recipients and up to $10,000 forgiven if they did not receive a Pell Grant.
Thirteen states, including New York and Virginia, treat forgiven debt as income, which means it is subject to state taxes. This means […]
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