The U.S. Senate passed an amended version of the American Rescue Plan Act of 2021 on Saturday, March 6, 2021, by a vote of 50 to 49 along political lines. One of the amendments adds tax-free student loan forgiveness to the House version of the bill. The House is expected to pass the Senate version of the bill and the President has said that he will sign it into law....
The legislation excludes from income the full or partial discharge of student loan debt, making it tax-free.All federal student loans and federal parent loans, including Direct Loans, FFEL program loans , Federal Perkins Loans and federal consolidation loansPrivate student loansThe loans must have been made, insured or guaranteed by the federal government, including federal agencies, such as the U.S.
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