Will you have to pay taxes on student loan forgiveness? That’s what many VERIFY readers are asking, so we turned to the American Rescue Plan Act (ARPA) of 2021, the White House, The U.S. Department of Education and The Tax Foundation to look into it.

QUESTION: Will people who receive student loan forgiveness have to pay federal or state taxes on that money?

ANSWER: No, you won’t have to pay federal taxes on forgiven loans, but states could decide to tax money forgiven by the federal government as income. So far, no states have announced that they will tax forgiveness, and at least one has said it will not.


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