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Student Loan Tax Relief: Forgiveness Becomes Tax-Free

This bill aims to exclude forgiven or discharged student loan amounts from taxable income. This means if your student loan is canceled, you won't have to pay income tax on that amount, potentially leading to significant financial savings.
Key points
Forgiven student loans will not be counted as taxable income.
This applies to federal, state, private, and certain educational institution loans.
The changes are effective for loan discharges after January 31, 2020.
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Expired
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Additional Information
Print number: 117_HR_1564
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2021-03-03
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Tax Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1564.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-03.

What are the main provisions?

Key points include:

  • Forgiven student loans will not be counted as taxable income.
  • This applies to federal, state, private, and certain educational institution loans.
  • The changes are effective for loan discharges after January 31, 2020.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gomez, Jimmy [D-CA-34].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Education