What You Need to Know About Biden's Student Loan Forgiveness Plan

Contributing sentiments towards policy:

61% : For New York State residents, EDCAP, a nonprofit focused on student loans, also offers help.
51% : Discharged debt is usually taxable as income, but a temporary tax rule created an exception: Student loan debt forgiven from 2021 through 2025 doesn't count toward federal taxable income.
50% : (The balance is taxable as income, though a temporary tax rule exempts balances forgiven through 2025 from federal income taxes.)
44% :Has anything else changed with other forms of debt cancellation, like the existing income-driven repayment programs?
41% :Individuals who are single and earn under $125,000 will qualify for the $10,000 in debt cancellation.
40% : In an email to borrowers, the Education Department said it would work with borrowers' servicers to process the debt cancellation after Nov. 14, unless they decide to opt out.
39% : Some states will track the temporary federal rule that exempts canceled student debt from federal income taxes.
38% : Any elected official runs the risk of infuriating constituents by adding five figures back onto their loan balances -- but may also thrill others who are opposed to debt cancellation.
25% : A federal appeals court temporarily halted President Biden's student debt relief program on Friday, placing all debt cancellation on hold.

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