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Is Federal Student Loan Forgiveness Taxable?
In 2022, the Biden Administration announced a plan to cancel $10,000 or more in federally administered student loan debt, if you earn less than $125,000 ($250,000 if you’re married). A federal appeals court has temporarily blocked this aid. For the time being, student loan interest and payments are paused until June 30, 2023, or until the courts resolve forgiveness lawsuits. The U.S. Department of Education has stopped accepting applications, but will keep applications it’s already received.
Student loan forgiveness means that, if you’re eligible, you won’t have to repay some, or all, of your student loans from the U.S. Department of Education. This is only for federally backed student loan debt, not for private loans.
Do I qualify for student loan forgiveness?
Yes, if according to your 2020 or 2021 adjusted gross income, you earned less than $125,000 ($250,000 if you’re married). Do not use your 2022 income. If you received a Pell Grant—even if only for one year or a partial Pell Grant—you could qualify for an extra $10,000 in cancellation, even if you’re still in school. Additionally, if your parents have a federal parent PLUS loan, they’re eligible for $10,000 in cancellation, too.
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