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WebOct 4, 2024 · by Thomson Reuters State & Local Tax Editorial. On August 24, 2024, President Biden announced that the U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients if the borrower’s individual … WebThe federal government will not tax forgiven federal student loans as income. In this article: ... But some quick math can help you recognize that even paying extra in taxes now, student loan forgiveness will save you much more in the long term. In the above scenario, if the forgiven $10,000 had been from a loan with a 5% interest rate with ... partition complaint nj
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