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President Joe Biden lauded the latest tranche of debt cancellation – $4.7 billion for more than 60,000 student loan borrowers, according to administration officials – as a milestone in his ...
Specifically, the plan would cancel up to $20,000 in student debt for borrowers whose balances have grown because of unpaid interest and provide relief for borrowers who first entered repayment at ...
A federal court temporarily blocked Biden's second attempt at broader student-debt relief. It came two days after a group of GOP-led states filed a lawsuit to block the forgiveness.
Therefore, a cancellation of a $20,000 debt will not need to be reported as gross income. However, if a debt of $60,000 was cancelled, the taxpayer will have $10,000 in gross income because their total liabilities no longer exceed their total assets (cancelling $60,000 in debt means the taxpayer now has only $40,000 in liabilities).
Despite legal hurdles and the fast-approaching election, the White House is forging ahead with another broad student debt relief plan in the waning days of Joe Biden’s presidency.. The federal ...
Another 2.5 million individuals who took out federal loans for their undergraduate degrees and began repaying them over 20 years ago and graduate student borrowers who began repaying their debts ...
Democrats want to cancel student debt, but they don't have the votes. Biden's backup plan may be to delay payback indefinitely. Why Biden is stuck on student-debt cancellation [Video]
The White House said Friday it approved another $4.28 billion in student debt cancellation for 54,900 additional public service workers in what could be one of the Biden Administration's final act ...