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.
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.