Friday, September 30, 2022
Home TECH A student loan forgiveness bond

A student loan forgiveness bond

President Biden’s student loan cancellation is the gift that keeps on giving, unless you’re the sucker who paid off his loan or didn’t go to college. Thanks to a little-known provision in the March 2021 Covid spending bill, student borrowers will get a hefty tax benefit on top of their $10,000 or $20,000 canceled debt.

Progressives began hounding Biden on loan forgiveness while he was still on the campaign trail, anticipating a boon in last year’s $1.9 trillion American Bailout. The provision, sponsored by Sens. elizabeth warren other Bob Menendez, makes loan forgiveness tax-free until January 1, 2026. The senators’ press release at the time boasted that this “paved the way” for President Biden to forgive up to $50,000 in debt. So it was.

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