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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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Status:
Expired
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Additional Information
Student Loan Tax Relief Act
Print number: HR 1564
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2021-03-03
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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Summary & Status

Key Questions about Student Loan Tax Relief: Forgiveness Becomes Tax-Free

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is 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.

Analysis and Potential Impact of HR 1564

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Taxes Education