Some borrowers who qualify for student loan forgiveness must act within the next two weeks or they could face substantial financial penalties.Here’s a breakdown of what’s happening, and what student loan borrowers should know: https://t.co/iLdRp3UXDS📸: Alex Brandon via Associated Press ...

Alarming Update On Student Loan Forgiveness Posted By The Education Departmenthttps://t.co/l1Uba8Z86S(Photo: Evan Vucci via Associated Press) https://t.co/0ZhCoyaFvv ...

Core Insights - The Department of Education has resumed student loan forgiveness for most income-driven repayment plans, but there is no confirmed date for when borrowers will receive their forgiveness [2] - Borrowers eligible for forgiveness in 2025 will not have to pay federal taxes on their discharged loans, provided they take necessary steps before the end of the year [3][4] Group 1: Loan Forgiveness Process - The Department of Education is processing tax-free loan discharges for borrowers under Income-Based Repayment, Pay As You Earn, and Income-Contingent Repayment plans, while the Saving for a Valuable Education plan remains blocked due to lawsuits [5] - Borrowers under the SAVE plan are currently in forbearance, and payments made during this period do not count toward forgiveness; however, they can transfer to eligible plans by December 31, 2025, to qualify for tax-free discharge [6] Group 2: Payment Requirements - Borrowers must have made 240 or 300 monthly payments, depending on their repayment plan, to qualify for tax-free forgiveness; they can verify their payment count with their loan servicer [7][10] - The number of required payments varies by plan: 300 payments for IBR and ICR plans, and 240 payments for PAYE [10] Group 3: Documentation and State Taxes - Borrowers should keep any confirmation from their loan servicer regarding tax-free forgiveness and verify their qualifying payments with their servicer [11][12] - While federal taxes on forgiveness are waived, some states may still impose taxes on discharged loans, including Arkansas, Indiana, Mississippi, North Carolina, and Wisconsin [13][14][15][16][17]

Student loan borrowers scored a victory on Thursday after a federal judge rejected a request by the Education Department to delay student loan forgiveness processing for more than 200,000 borrowers.Read more: https://t.co/rl2YxLmzPgPhoto: Kevin Dietsch via Getty Images https://t.co/x5vECdPYaH ...

In Major Ruling, Court Rejects Student Loan Forgiveness Delay Sought By Trump AdministrationStudent loan borrowers scored a victory on Thursday after a federal judge rejected a request by the Education Department to delay student loan forgiveness processing for more than 200,000 borrowers. https://t.co/vzDDw9wLL0 (Photo: Kevin Dietsch/Getty Images) ...

The SAVE plan had offered millions of borrowers affordable monthly payments tied to their income and a path to eventual student loan forgiveness. With the program now officially getting nixed, millions of borrowers with student loans enrolled in SAVE will need to switch to a different repayment plan.Read more: https://t.co/3INJVAAwW2 ...

The Department of Education has resumed processing student loan forgiveness for borrowers in income-driven repayment plans, following a brief hiatus. Here's the latest. https://t.co/qDZLbxsrKu ...

Here are the latest developments on IDR student loan forgiveness, and what they mean for borrowers: https://t.co/qDZLbxsrKu https://t.co/QxFpKnEZ3s ...

Student Loan Forgiveness Is Back As Education Department Resumes Processing https://t.co/qDZLbxsrKu ...

Student Loan Forgiveness Could Result In A $70,000 Penalty For Some https://t.co/G5R6QuuB03 ...