Prohibition of Mass Student Loan Forgiveness and Tax Changes.
This bill aims to prohibit the mass cancellation of student loans by the government. This means that if you have a student loan, you cannot expect it to be automatically forgiven on a large scale. The bill also introduces changes to tax laws regarding student loan forgiveness and restricts the sharing of tax data for loan cancellation purposes.
Key points
The government will be prohibited from mass forgiving student loans, meaning repayment remains the borrower's responsibility.
Existing, targeted student loan forgiveness programs, such as those for public service workers, are exempt from this prohibition.
Changes to tax law may affect whether forgiven student debt is treated as taxable income.
Sharing of tax data for the purpose of administering mass student loan cancellation plans will be restricted.
Expired
Citizen Poll