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The student news site of Conrad Schools of Science

The Conrad Howler

The student news site of Conrad Schools of Science

The Conrad Howler

    Taxed on Forgiveness Loans

    Taxed on Forgiveness Loans
    Just last month the Biden Admin announced a plan for Student Loan Forgiveness.  Any person with low-middle income would be eligible for the cancellation grant.  The grant would provide 10,000-20,000 dollars in relief.  The idea was to not be federally taxed (as protected by the American Rescue Plan) as a way to help soothe any financial hardships caused by the pandemic.  As the plan develops, there is the possibility that there will be a tax if considered an income.  At least 7 states could tax forgiven loans predicted by the Tax Foundation.  The way the Student-Loan Forgiveness Act will be put in place by every state varies, as taxation doesn’t always align.
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    About the Contributor
    Robyn Bolen, Editor
    Hello, my name is Robyn Bolen and I am a senior here at Conrad.  I’ve been here since the sixth grade, and a very active member of my class.  I’m involved in cross country and both seasons of track.  As well as other curricular activities such as Green Club, Speech and Debate, National Honor Society, Journalism and the Class of ‘24 Vice President.  And I am excitingly entering my last year at Conrad as an editor.
     

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