https://fortune.com/2023/09/29/student-loan-forgiveness-erases-175k-debt-for-82-year-old-woman-biden-admin/
It’s for people in income-driven repayment plans who have been paying back loans for 20 or 25 years
Lmao they're forgiving debt but only for boomers you've got to be fucking kidding how are y'all not rioting yet
TBF, she's not a boomer (famously those born after WWII). She's 82 so was born around 1941, making her a member of the silent generation.
And besides, older millennials (the oldest millennials are 42) and gen-xers might have been paying their loans for 20 years. It's not just boomers.
Elder Millennial checking in - Dark Brandon did indeed forgive both mine and my husband's loans. It didn't make a huge difference in our lives, but it also wasn't nothing. Our income is low enough that our combined payments per month were around $135, and I do appreciate not having to start scrounging that up again next month, especially with the holidays approaching.
Were they able to pass that law or whatever which created a period in which Income based repayment forgiveness was tax free? Typically this forgiveness comes with a tax bill on the forgiven amount as income.
The IRS will negotiate down though if you prove you can't pay it
They did, this was the very first thing I thought of when I realized mine (and my husband's) had been forgiven, because it was a very scary thing to look forward to with we signed the Income-Based Repayment paperwork. Student debt forgiven through 2025 will not be federally taxed, but borrowers in Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin may have to pay state tax on the forgiven debt.
