By Joy Taylor From Kiplinger’s Personal Finance Question: Is forgiven student debt taxable? Answer: No, at least through 2025. As a general rule, debt cancelation income is taxable. But a 2021 law provides that most student loans forgiven from 2021 through 2025 are tax-free. President Biden’s plan to forgive up to $10,000 in student loans…
Biden’s Student Loan Cancellations Estimated to Cost Over $400 Billion: CBO
The Biden administration’s plan to cancel student debt is estimated by the Congressional Budget Office (CBO) to cost the U.S. federal government over $400 billion over the next 30 years. Biden’s plan, announced in August, involves providing up to $10,000 in debt relief to borrowers who earn less than $125,000 per year, or $20,000 in…
Congressional Records Prove Biden’s Student Loan Cancellations Are Illegal
News Analysis Overview On the day before President Biden announced that he is “forgiving” part or all of the student loans of nearly everyone who owes them, his administration released a legal memo declaring that he had the authority to do this under a 2003 law. That claim is belied by Congressional records recently unearthed…
Whoops! Department of Education Makes $300 Billion Accounting Mistake on Student Loans
August 2, 2022
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Commentary What’s $300 billion between friends? A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years…
Biden Admin to Cancel $6 Billion in Student Loans for 200,000 Defrauded Borrowers
Some 200,000 students who claim they were defrauded by educational institutions in the United States are set to have their student loans canceled after the Biden administration this week settled a $6 billion class-action lawsuit. The settlement was filed (pdf) with the U.S. District Court for the Northern District of California on Wednesday. The 2019 lawsuit…
US to Cancel $6 Billion in Student Loans for 200,000 Defrauded Borrowers
June 23, 2022
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WASHINGTON—The United States will cancel $6 billion in student loans for 200,000 borrowers who claimed they were defrauded by their colleges, the administration of President Joe Biden said. A settlement agreement between the borrowers and the Department of Education was filed with the U.S. District Court for the Northern District of California on Wednesday and…
Biden Administration to Wipe out $5.8 Billion in Student Loans for Former Corinthian College Students
The Biden administration is set to discharge all remaining federal student loans borrowed to attend Corinthian Colleges, which will amount to $5.8 billion in full loan discharges to 560,000 recipients, the U.S. Department of Education announced on June 1. It comes after Corinthian, which was one of the largest for-profit post-secondary education companies in the United States, faced a string of allegations that…
White House Has Not Studied How Forgiving Student Loans May Impact Inflation: Psaki
May 3, 2022
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The Biden administration is weighing up using income to determine eligibility as part of a potential plan to cancel hundreds of millions of dollars of federal student loan debt but has not yet analyzed how it would impact inflation, the White House said Monday. Biden promised during his 2020 presidential campaign that he would cancel $10,000 debt for each borrower. An…
Education Department to Forgive $415 Million in Student Loans, Citing Misleading Job Placement Rates
DeVry University, ITT Technical Institute, and Minnesota School of Business/Globe University misled thousands of students, the Education Department said on Wednesday as it announced it will nullify $415 million in student debt. The agency said that it intends to force the private for-profit DeVry University to cover the cost of the $71.7 million in loan…
39 States and Navient Reach $1.7 Billion Settlement in Student Loan Case
A Jan. 13 settlement between student loan servicer Navient and 39 states will cancel $1.7 billion in student loans, but the agreement has raised questions about the issue of student loan accountability. The settlement resolved a long-standing lawsuit that alleged that Navient, previously known as Sallie Mae, engaged in unfair practices by steering student loan…
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