Politics & Finances

Will the Biden Administration's Student Loan Forgiveness Plan Impact Your Tax Bill?

8/23/2022

The Biden administration has formally announced a student loan forgiveness plan to eliminate $10,000 to $20,000 worth of debt for qualified borrowers.

The news comes on the heels of the signing of the Inflation Reduction Act of 2022, a sweeping tax and climate bill that was passed along party lines without the support of a single Republican Congressperson.

An official White House fact sheet shared details about Biden's plan, which will eradicate $10,000 in student loan debt for those who do not have Pell Grants and make under $250,000 per year for couples filing jointly and $125,000 per year for others. Those who meet the income requirements and did receive federal Pell Grants stand to have $20,000 in debt forgiven.

The White House noted that nearly one-third of all borrowers, particularly those in vulnerable populations, have debt but no degree to show for it.

The biggest question for most Americans at this point, however, is how their tax bills will be impacted by the $300 million plan that has been a long time in the making.

CNBC weighed in on the tax question, clarifying what taxpayers can expect now that Biden's student loan forgiveness plan has been formally announced.

The news outlet pointed out that "student loan forgiveness won't trigger a federal tax bill," and, in some cases, may actually save borrowers money when April rolls around.

Someone making $40,000 in the 12% marginal tax bracket, for instance, could reduce their tax liability by about $2,400 if they receive the full $20,000 in student loan forgiveness.

It is also important for taxpayers to be aware that the American Rescue Plan of 2021 made student loan forgiveness tax-free through 2025 -- this includes Biden's new forgiveness proposal, per the previously mentioned fact sheet.

CNBC went on to share, however, that certain state tax bills may rise due to this new debt forgiveness program:

While Biden’s student loan forgiveness won’t trigger higher federal taxes, you may still be on the hook for state levies, said higher education expert Mark Kantrowitz.

Some states automatically conform to federal rules, but others may count the forgiven balance as income, meaning it’s still possible you’ll have a bill. The amount “may be the equivalent of a few student loan payments,” Kantrowitz said.

To learn more about what your state's regulations are, contact a tax professional in your area. Biden is expected to hold a formal press conference at 2:15 p.m. EST on August 24.

What do you think about President Biden's student loan forgiveness program?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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