If you have a student loan, this one's for you...
We all know that student loan repayments and interest accruals were suspended during Covid. That's all changed: interest on loans start accruing in September and repayments start in October. You will be or should have already been notified by DOE of the amount and date due. You can check the DOE's website for more info
Although Biden's system wide debt forgiveness program was struck down by the Supreme Court recently, there have been other long standing forgiveness programs provided by DOE that do qualify for debt forgiveness. If your loan is forgiven, good news is that current federal rules make those amounts tax free, for all loans forgiven through December 31 2025.
Not all states conform and some will tax that forgiveness. But more good news is that if you are a California resident, Sacramento does conform and any forgiven loans remain tax free through 12/31/25.
If you have questions, please let me know.