Biden’s Stimulus Package Makes Student Loan Forgiveness Tax-Free
March 10, 2021 – In a Bankrate article about the American Rescue Plan student loan provision, Stacey MacPhetres, senior director of education finance at Bright Horizons EdAssist Solutions and College Coach is quoted speaking about how income-driven repayment plan borrowers will benefit most.
Stacey MacPhetres, senior director of education finance at Bright Horizons EdAssist Solutions, does point out that the history of forgiveness under the current income-driven programs is low, and borrowers will still need to meet the 20 or 25 years’ worth of payments in order to qualify for tax-free forgiveness before Jan. 1, 2026. However, for those who qualify, this provision has the potential to save borrowers thousands of dollars come tax season.
Read the full story here.