Student loan borrowers across the country could soon see up to $20,000 of their student loan debt wiped out, but, it may come at a cost: state tax.
per year may have $10,000 of student loan debt forgiven and may owe an additional $500 in taxes.
Pell Grants are typically given to borrowers who need more help financially. These borrowers are eligible for $20,000 in student loan forgiveness and may owe an additional $1,000 in taxes. Seven states have confirmed they plan to tax student loan handout funds. So far, Mississippi, Minnesota, Wisconsin, Massachusetts, Arkansas, Indiana and North Carolina have announced plans to tax the student loan handout funds. But if you file in Virginia, Idaho, New York, West Virginia, Pennsylvania and Kentucky, don't expect to be taxed.Rhode pointed out that the amount taxed would be small compared to the thousands of dollars being forgiven.
"If you had to pay $1,000 of income tax in Mississippi or $20,000 plus interest over time, you know what the thousand dollar tax bill is a blessing," Rhode said.
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