Student Loan Relief Act: Up to $25,000 Forgiveness
This act aims to cancel or repay up to $25,000 in federal student loans for each borrower. This means individuals with such loans could see a reduction in their debt, impacting their personal finances. The forgiven amounts will not be counted as taxable income.
Key points
Cancellation or repayment of up to $25,000 in federal student loans per borrower.
Amounts forgiven from student loans will not be taxed as income.
Forgiveness will be applied first to loans with the highest interest rate, then to those with the highest principal balance.
Status:
Expired
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