President-elect Joe Biden and Vice President-elect Kamala Harris at transition Covid-19 advisory board briefing on Nov. 9, 2020 in Wilmington, Delaware.
Photo by Joe Raedle | Getty Images
Student loan forgiveness is looking more like a possibility under President-elect Joe Biden, but an unintended consequence may emerge unless Washington intervenes: a tax on loan forgiveness.
Biden has proposed creating a new program that would offer borrowers $10,000 of student debt relief for every year of national or community service, up to five years.
Sens. Chuck Schumer, D-N.Y., and Elizabeth Warren, D-Mass., have also said that the next president could wipe as much as $50,000 from borrowers’ balances via an executive order.
The catch is t…
Read the full article at: https://www.cnbc.com/2020/11/24/student-loan-forgiveness-may-come-with-tax-bomb-heres-what-you-should-know.html
