{"id":130370,"date":"2022-09-09T14:30:07","date_gmt":"2022-09-09T18:30:07","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=130370"},"modified":"2022-09-09T14:31:41","modified_gmt":"2022-09-09T18:31:41","slug":"some-states-to-tax-forgiven-student-loans","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=130370","title":{"rendered":"Some states to tax student loan handout funds"},"content":{"rendered":"

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Many individuals, who received information that they may qualify for student loan forgiveness, felt relief. However, for those who are in specific states, the amount of loan forgiven can be taxed. In these situations, paying the tax would still be a better option for the borrower than to pay the amount that was forgiven.<\/p>\n

From Fox News:<\/span><\/strong><\/p>\n

Mississippi borrowers making less than $125,000 per year may have $10,000 of student loan debt forgiven and may owe an additional $500 in taxes.<\/p>\n

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.<\/p>\n

“It feels in a lot of ways like a tax on being poor,” Stegall said.<\/p>\n

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.<\/p>\n

Rhode pointed out that the amount taxed would be small compared to the thousands of dollars being forgiven.<\/p>\n

“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.<\/p>\n

Stegall said the tax has felt like anything but a blessing. According to ZipRecruiter, the average college graduate in Mississippi has been making just over $32,000 per year.<\/p>\n

“It\u2019s not easy at all when you’re, you know, you’re trying to make ends meet and you’re trying to build a life for yourself as a young person,” Stegall said.<\/p><\/blockquote>\n

Fox News has the rest of the story<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Many individuals, who received information that they may qualify for student loan forgiveness, felt relief. However, … Some states to tax student loan handout funds<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[613,13],"tags":[],"class_list":["post-130370","post","type-post","status-publish","format-standard","hentry","category-joe-biden","category-society"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/130370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130370"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/130370\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}