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Millions of federal student loan borrowers will soon see up to $20,000 of their debt wiped away
Not every student loan borrower is qualified for the debt relief.
Only federally owned student loans qualify. Private student loans are excluded.
Second, high-income borrowers are typically omitted from receiving financial debt mercy.
heads of households that make less than $250,000 annually will see approximately $10,000 of their federal student loan debt forgiven.
as well as approximately $20,000 for borrowers who obtained Pell Grants.
The Biden administration has confirmed that the student loan forgiveness won't be a taxable occasion at the federal level for borrowers.
Biden's Student Loan Forgiveness Could be Taxable At the State Level
Biden's Student Loan Forgiveness Could be Taxable At the State Level
May be taxed at Arkansas, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, New York, Pennsylvania, South Carolina, Virginia, West Virginia, as well as Wisconsin.
The Tax Foundation estimates that borrowers can incur anywhere from $300 to over $1,000 in state tax obligations
These figures can double for Pell Grant recipients.
Everything You Wanted to Know About Federal Student Loans