Borrowers whose student loans were forgiven in 2023 may owe state taxes

Borrowers whose student loans were forgiven in 2023 may owe state taxes

President Biden has forgiven more than $136 billion in student loan debt for over 3.7 million borrowers. The debt relief was under multiple programs: public service loan forgiveness (PSLF) program, income-driven repayment (IDR) account adjustment, disability discharges, and borrower’s defense discharge. Although borrowers forgiven under the PSLF program are tax-exempt and do not have to…

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