“After 20 years, the remainder of federal student loans will be forgiven without any tax burden.”
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Biden signed the American Rescue Plan on March 11, 2021, which excluded federal student loan discharges from taxable income for 2021 through 2025, and his SAVE final rule (July 10, 2023) kept the maximum time to forgiveness at 20 years for borrowers with only undergraduate loans and 25 years for those with any graduate loans. That combination made tax-free forgiveness after 20 years operative for undergraduate borrowers during his term. However, the tax exclusion was temporary rather than permanent, graduate borrowers still faced 25 years, and the Eighth Circuit enjoined the SAVE plan in 2024, with the Supreme Court declining to reinstate it on August 28, 2024. Part of the promise was delivered, but not completely or durably.
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