If your federal student loans were forgiven in 2024, you may be wondering if there are any tax implications. Many borrowers have benefited from education debt cancellation under the Biden administration.

The rule has been around for decades, but was rewritten back in 2022. The program allows people who were defrauded by their school to receive loan forgiveness.

Despite the uncertain environment, it’s not too late for borrowers to take some steps to mitigate the loss of some student loan forgiveness benefits.

The Biden administration has withdrawn two major plans to deliver student loan forgiveness. The proposed regulations would have allowed the secretary of the U.S. Department of Education to cancel student loans for several groups of borrowers, including those who had been in repayment for decades and others experiencing financial hardship.

Student-loan borrowers described their financial concerns as they enter the new year, with the fate of key programs like SAVE uncertain.

If your federal student loan hasn't yet entered repayment, you won't be eligible to enroll in a repayment plan yet. Repayment starts six months after graduation or if your enrollment drops below half-time, unless you enroll in another program, like graduate school, before the grace period ends.

Federal student loan borrowers affected by the wildfires ripping across Southern California have relief options if they’re worried about keeping up with their payments as they recover.