Is Student Loan Forgiveness Tax-Free? Here’s What You Need to Know for 2022 and Beyond
If you’re expecting debt cancellation from the latest round of student loan forgiveness, there’s good news: It won’t trigger a federal tax bill. The Biden administration on Friday announced a plan to wipe away $39 billion in student debt for 804,000 borrowers in the coming weeks. The forgiveness comes from fixes to so-called income-driven repayment…