{"id":15110,"date":"2021-03-18T11:30:46","date_gmt":"2021-03-18T17:30:46","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=15110"},"modified":"2024-05-06T14:13:07","modified_gmt":"2024-05-06T20:13:07","slug":"canceling-student-loan-debt","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html","title":{"rendered":"Canceling student loan debt"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt.jpg\" alt=\"\" class=\"wp-image-15113\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.<\/em>&nbsp;<a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p><strong>Update:<\/strong> On August 24, 2022,&nbsp;<a href=\"https:\/\/www.npr.org\/2022\/08\/24\/1118879917\/student-loan-forgiveness-biden\" target=\"_blank\" rel=\"noreferrer noopener\">President Biden announced student loan forgiveness<\/a>&nbsp;of up to $10,000 for qualified borrowers and up to $20,000 for qualifying Pell Grant recipients. Federal student loan payments will also remain paused through December 31, 2022. Further details are to be announced in the coming weeks.<\/p>\n\n\n\n<p>Lately, the federal government canceling student loan debt seems, for the first time, like it could actually happen. As of 2020, approximately 45 million Americans owe over <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/studentloanhero.com\/student-loan-debt-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener\">$1.64 trillion in student loans.<\/a> Looking at the graduating class of 2019, 69 percent of students with four-year degrees had to take out a student loan and were completing their education with an average student loan debt of $29,900. <\/p>\n\n\n\n<p>Because of this and <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-repair\/student-loan-debt-statistics.html\" target=\"_blank\" rel=\"noreferrer noopener\">other troubling student debt statistics<\/a>, the government canceling student loan debt (aka<a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/news\/debt-jubilee.html\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;a debt jubilee<\/a>) would help out many students, graduates and parents.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-would-it-mean-to-cancel-student-loan-debt\">What would it mean to cancel student loan debt?<\/h2>\n\n\n\n<p>There are already several existing programs that allow for student loan debt to be canceled or forgiven. Some of these programs are:<\/p>\n\n\n\n<ul><li>Public Service Loan Forgiveness<\/li><li>Teacher Loan Forgiveness<\/li><li>Perkins Loan Cancellation<\/li><li>Death Discharge<\/li><li>Bankruptcy Discharge<\/li><li>Unpaid Refund Discharge<\/li><li>Total and Permanent Disability Discharge<\/li><li>Closed School Discharge<\/li><li>False Certification of Student Eligibility Discharge<\/li><li>Unauthorized Signature\/Payment Discharge<\/li><\/ul>\n\n\n\n<p>Many of these programs are difficult to qualify for or are reserved for rare circumstances. So, while these programs exist to help people in unfortunate situations, they don\u2019t typically apply to the general population.&nbsp;<\/p>\n\n\n\n<p>That\u2019s why a greater and more widespread student loan debt cancellation would be fairly exceptional. However, it would come with some tax implications.&nbsp;<\/p>\n\n\n\n<p>Typically, <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/debt-forgiveness.html\" target=\"_blank\" rel=\"noreferrer noopener\">when borrowers have a debt forgiven, they have to follow the Cancellation of Debt (COD) federal income tax rule.<\/a> This rule states that anytime a debt is forgiven, that amount must be claimed as income tax for the year the debt cancellation happens. However, there are some exceptions to the COD tax rule when it comes to student loans. COD is federal income-tax-free when:<\/p>\n\n\n\n<ul><li>The loan is forgiven because the borrower worked in a specific profession (public sector, teaching, etc.)<\/li><li>The exception is due to the student\u2019s death or disability<\/li><li>The student enacts the Defense of Repayment against the school (possible partial COD federal income tax exceptions may apply)<\/li><\/ul>\n\n\n\n<p>Under Joe Biden\u2019s student loan plan, the massive rollout of a student loan debt cancellation would be tax-free. Of course, there\u2019s no guarantee the version that will be approved by Congress will, in fact, be tax-free. If borrowers are forced to pay Cancellation of Debt federal income tax when their student loan is forgiven, it can cause what many are calling a \u201ctax nightmare.\u201d&nbsp;<\/p>\n\n\n\n<p>Let\u2019s say a borrower has $80,000 in student loan debt and $50,000 is forgiven. Under the COD, that $50,000 is added to their income tax for the year. How much they will ultimately pay in taxes will depend on which income tax bracket they fall in, as this $50,000 will be added to the income they\u2019re already making in that year. <\/p>\n\n\n\n<p>Assuming they\u2019ll owe 30 percent in taxes on this $50,000 forgiveness, they can expect to see an income tax bill of $15,000 for their student loan forgiveness. Of course, this is still lower than paying back the $50,000 in full, but it\u2019s a large sum that an average borrower might have difficulty paying back.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-canceling-student-loan-debt\">Benefits of canceling student loan debt<\/h2>\n\n\n\n<p>Canceling student loan debt has widespread benefits for individual borrowers and the American economy as a whole. Most importantly, this forgiveness would benefit lower-income people and groups that have been systemically disadvantaged.&nbsp;<\/p>\n\n\n\n<p>Currently, <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.latimes.com\/business\/story\/2020-12-02\/canceling-student-debt-a-slam-dunk\" target=\"_blank\" rel=\"noreferrer noopener\">less than 20 percent of white student loan borrowers<\/a> have a debt-to-income ratio of more than 0.5. This&nbsp;means fewer than 20 percent of white borrowers make an annual income equal to half or less of their total student loan debt. <\/p>\n\n\n\n<p>For African American borrowers, this number rises to 30 percent. As a result, more African American students leave college at a greater disadvantage than their white counterparts. Such a disparity is detrimental to the American economy, which benefits most when there\u2019s a fair and fully versatile workforce.&nbsp;<\/p>\n\n\n\n<p>Additionally, canceling student loan debt will offset the unreasonable costs of education. The cost of university has been rising faster than the average household income. When students graduate with excessive student loan debt, they don\u2019t have as much disposable income and struggle to buy homes, start businesses or pay back debts. This is a detriment to the economy overall.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-downside\">The downside<\/h3>\n\n\n\n<p>One downside that many people bring up is that privileged families that don\u2019t have issues paying back their student loan debt and choose to take expensive degrees will benefit from this initiative as well. However, <a href=\"https:\/\/www.latimes.com\/business\/story\/2020-12-02\/canceling-student-debt-a-slam-dunk\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">the vast majority of borrowers<\/a> are working-class and lower-income, and these are the people who would most benefit from the cancelation of student loan debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-joe-biden-s-student-loan-plan\">What is Joe Biden\u2019s student loan plan? <\/h2>\n\n\n\n<p>Joe Biden has <a href=\"https:\/\/www.kiplinger.com\/personal-finance\/credit-debt\/loans\/student-loans\/601837\/joe-bidens-student-loan-plan-whats-in-it\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">a comprehensive student loan plan<\/a> that will be quite exciting for many borrowers if Congress allows it through. Biden first mentioned a proposal to cancel up to $10,000 in federal student loans per borrower in March 2020. This was proposed to be included in the 2020 CARES Act but was not approved. However, there remains the hope that this will still be included in future stimulus packages.&nbsp;<\/p>\n\n\n\n<p>The proposed Biden Plan for Education Beyond High School looks to update the Income-Driven Repayment (IDR) plan currently offered for federal student loans. As of right now, borrowers who choose the income-driven plan must pay between 10 and 20 percent of their income toward their loans. Biden\u2019s proposed plan looks to lower this to five percent of income for borrowers making over $25,000. For individuals who make less than $25,000, there would be no interest and no monthly required payments.&nbsp;<\/p>\n\n\n\n<p>Additionally, under Biden\u2019s new plan, all borrowers automatically go under the IDR plan unless they opt out. Under the current plan, borrowers have a wide range of plans to choose from, with the default being equal monthly payments over 10 years. Additionally, under the new IDR plan, students would have their loans automatically forgiven after 20 years of payments with no income tax applied to the forgiven portion of their loan.&nbsp;<\/p>\n\n\n\n<p>The Biden Plan for Education Beyond High School also highlighted that there would be a cap for student loan debt forgiveness. This cap is set to $10,000 per year for five years, so the maximum an individual borrower could get is $50,000. These caps would apply to both undergraduate and graduate debt.&nbsp;<\/p>\n\n\n\n<p>Lastly, Biden\u2019s plan looks to make student loan discharge in bankruptcy much easier (to date, it\u2019s been very difficult) and provide free tuition for students whose families make less than $125,000 per year.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-ideas-being-considered\">Other ideas being considered<\/h2>\n\n\n\n<p>U.S. Senate Candidate for Georgia Dr. A. Wayne Johnson has a close history with student loans. Previously, Johnson ran the student loan program at the U.S. Department of Education. Now, Johnson is proposing counter-ideas to Biden\u2019s plan. <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.forbes.com\/sites\/zackfriedman\/2020\/08\/17\/student-loans-suspend-payments\/?sh=765f53e23336\" target=\"_blank\" rel=\"noreferrer noopener\">His suggestions include:<\/a><\/p>\n\n\n\n<ul><li>Suspending student loan payments (and accruing interest) until the end of 2021.<\/li><li>Canceling all student loan debt (private and federal) that\u2019s currently in bankruptcy<\/li><li>Canceling up to $50,000 per student in student loan debt\u2014students who don\u2019t have a student loan would be awarded an income tax credit of $50,000 instead<\/li><li>Removing student loan details from credit reports<\/li><\/ul>\n\n\n\n<p>Similarly, U.S. Senator Elizabeth Warren wants to cancel $50,000 of student loan debt for every borrower <a href=\"https:\/\/www.forbes.com\/sites\/zackfriedman\/2020\/12\/12\/elizabeth-warren-biden-has-moral-obligation-to-cancel-student-loans\/?sh=7d0e48d41cc1\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">whose family makes less than $125,000 annually.&nbsp;<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-likely-is-it-that-student-loan-debt-will-be-canceled\">How likely is it that student loan debt will be canceled?<\/h2>\n\n\n\n<p>With the election of Joe Biden, there\u2019s a strong possibility that some version of canceling student loan debt will pass. The ultimate question will be what form it takes. <\/p>\n\n\n\n<p>Will students see partial forgiveness or a wipeout of all their loans, or will the forgiveness only apply to low-income borrowers? It will depend on what Biden wants and what Congress allows to pass. Since Congress controls federal spending, Biden will likely need Congress\u2019s approval for any plan to happen, which has the potential to be problematic.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-managing-your-student-loans\">Managing your student loans<\/h2>\n\n\n\n<p>Don\u2019t wait for student loan forgiveness to happen to you, because it\u2019s unclear what the future holds. For now, keep managing your student loans responsibly\u2014make payments on time and in full, because otherwise, <a href=\"https:\/\/www.lexingtonlaw.com\/bad-credit\/student-loans\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">you can hurt your credit score.&nbsp;<\/a><\/p>\n\n\n\n<p>As you make progress on your student loans, keep an eye on the news. You can watch as a clearer picture forms and it becomes public knowledge what the American government will do about student loan debt. Hopefully, there will be some good news soon.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out what promises are being made about canceling student loan debt, how likely it is to actually happen and what you should do in the meantime. <\/p>\n","protected":false},"author":63,"featured_media":15113,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[531],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canceling student loan debt - Lexington Law<\/title>\n<meta name=\"description\" content=\"Find out what promises are being made about canceling student loan debt, how likely it is to actually happen and what you should do in the meantime.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canceling student loan debt\" \/>\n<meta property=\"og:description\" content=\"Find out what promises are being made about canceling student loan debt, how likely it is to actually happen and what you should do in the meantime.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html\" \/>\n<meta property=\"og:site_name\" content=\"Lexington Law\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-18T17:30:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-06T20:13:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lexington Law\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#website\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/\",\"name\":\"Lexington Law\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.lexingtonlaw.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt.jpg\",\"contentUrl\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/Canceling-Student-Loan-Debt.jpg\",\"width\":1500,\"height\":500},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html#webpage\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/news\/canceling-student-loan-debt.html\",\"name\":\"Canceling student loan debt - 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