How Student Loan Borrowers Could Save Under Biden’s COVID-19 Relief Bill

How Student Loan Borrowers Could Save Under Biden’s COVID-19 Relief Bill

Student loan forgiveness is going to be tax-free. It’s a new provision included in the $1.9 trillion stimulus package that President Biden signed into law Thursday — and a big deal for federal student loan borrowers because, currently, any student loan debt canceled by the government is treated as income and can be taxed…

“It’s a massive relief,” says Laurel Taylor, CEO and founder of FutureFuel.io, a student debt repayment platform. “That’s so important, because I don’t think I’ve spoken to a single borrower that is aware that the current treatment of the dollars that are forgiven are taxed.” 

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