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"Student loans that are forgiven after Dec. 31, 2020, and before Jan. 1, 2026, will not be taxed on a federal return, but for state income tax, there are some exceptions," Kathy Pickering, chief ...
The pandemic-era relief provided by the student loan payment moratorium ended in 2023, and by 2024, borrowers were back in the routine of paying their college debt — with interest.
Per the IRS, when you pay interest on a qualified student loan, either through voluntary or required prepaid interest payments, you can deduct the lesser of $2,500 or the amount you actually paid ...
According to the Education Data Initiative, the average federal student loan debt is $37,574 per borrower as of April 2023. The average private student loan debt is less than $55,000 per borrower.
However, borrowers with FFEL and commercially-held student loans may require direct loan consolidation in order to benefit from the relief. That must be done by May 1, 2023.
In March 2020, the CARES Act passed by Congress included a pause on federal student loans repayments and interest until September 30, 2020. [8] On August 8, 2020, the Trump administration issued a memorandum instructing the Secretary of Education to pause on student loan payments and interest through December 31, 2020 using the authority ...
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