Student Loans and Taxes: Some Basics to Know
If you are one of the one in five Americans that has student loan debt, there’s good news—student loan debt cancellation is available, and student loan payments and interest are on pause through the end of 2022. But if loan cancellation doesn’t wipe out your student loan balance, you’ll be back to making payment in 2023. That's why it’s good to hit the refresh button on some basics regarding student loans and taxes.
Student Loans Are Not Considered Income
A typical question surrounding student loan debt is whether a student loan is income for tax purposes. The fortunate answer is no, the IRS doesn’t consider student loans to be income.
Income that is taxable is usually made up of salary and
