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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 ...
According to a CNBC analysis, the highest student debt balances are carried by adults aged 25–49, with the lowest debt loads held by those aged 62 and older. [62] As of 2021, approximately 7.8 million Americans from 18 to 25 carry student loan debt, with an average balance of almost $15,000. [63]
An estimated 4 million Californians have some form of student debt. Will I have to pay taxes on my debt relief in California? Maybe. Here’s what the California Franchise Tax Board says:
American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined.
As of 2018, Canada is ranked third in the world (behind Russia and South Korea) for the percentage of people ages 25–34 who have completed tertiary education. [1] As of September 2012, the average debt for a Canadian post-university student was 28,000 Canadian dollars, with this accumulated debt taking an average of 14 years to fully repay based on an average starting salary of $39,523. [2]
The amount of debt that students have after graduation has become a major concern, especially given the weak job market after 2008. [ 34 ] [ 35 ] [ 36 ] Nearly all loans are financed by the federal government at an artificially low rate, [ 37 ] but students sometimes obtain private loans (which generally have higher interest rates and start ...
In return for no student debt or asking loved ones to diminish or pause their own financial goals, students who participate in the program would pay incrementally higher federal income taxes until ...
For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1] In 2021, outstanding student loan debt has reached a record more than $1.8 trillion. [2]