Student borrowers who took out loans that were serviced by Navient, one of the largest student loan collection companies in the country, were cautiously celebrating Thursday’s announcement that tens of thousands of them would get their loans canceled under an agreement with more than three dozen states.
there is permanent good news for those whose debt is forgiven, including under this latest settlement agreement with Navient, Pierce said.
Student loan forgiveness is tax-free as part of the White House’s coronavirus stimulus package signed into law last year. Previously, any student loan debt canceled by the government was taxable.Navient plans to cancel some student borrowers’ loan debt. Who qualifies?