• Mississippi is the first state to confirm it will tax forgiven student loan debt, with more waiting in the wings

    25 days ago - By Business Insider

    Mississippi has become the first state to confirm plans to tax forgiven student loan debt. Getty Images
    Mississippi is planning to tax residents' forgiven student loan debt, per Bloomberg.
    Debt cancellations are usually considered as taxable income unless an exemption is made.
    More states could subject forgiven student loan debt to income tax.
    Mississippi is planning to tax residents' forgiven student loan debt as income, its Department of Revenue confirmed to Bloomberg on Tuesday. The Biden administration's student loan forgiveness plan is exempt from federal tax but may still be subject...
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  • Why a Harvard economist who opposed Biden's student debt forgiveness pledge as a 'crude and inequitable tool' changed her mind

    26 days ago - By Business Insider

    President Joe Biden speaks about student loan debt forgiveness at the White House on August 24, 2022. AP Photo/Evan Vucci
    President Biden recently announced up to $20,000 in student debt forgiveness for some federal borrowers.
    A Harvard economist was previously opposed to cancellation, but now approves of it, she wrote in The New York Times.
    Her change of heart was due to government missteps, as well as learning more about the education system.
    Most Americans support student loan cancellation. That means President Biden's announcement last week that he will be canceling $10,000 in student...
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  • Student-loan borrowers getting debt cancellation don't think Biden's relief is unfair or burdens taxpayers - they just wish he would've done more

    26 days ago - By Business Insider

    Getty Images
    President Joe Biden is canceling up to $10,000 or $20,000 in student loan debt for some borrowers.
    Republicans immediately fired back that the policy was unfair and costly for taxpayers.
    But borrowers getting relief say that it is fair, and more should be done.
    Around 20 million student loan borrowers are set to see all of their loans forgiven. It's one byproduct of President Joe Biden's student loan forgiveness plan, which will cancel up to $10,000 for some federal borrowers, and up to $20,000 for those who received Pell Grants. The response to Biden's declaration was swift...
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