Adrienne Briggs has $55,000 in student loans. Each month, she pays $150 toward the debt. Briggs runs a small child care center out of her home in Philadelphia, Pennsylvania, where she’s been caring for children for 30 years. “I am 62 years old and should be looking toward retirement,” Briggs said. But with loans to pay, she doesn’t think that will happen. She kept chipping away at the loans, even during the suspension of federal student loan payments intended to provide relief during the pandemic. But that extra effort barely brought the debt down. “I’ll probably have to work until…
Debt Forgiveness
2 Red States Are Taxing Student Debt Relief — But Didn’t Tax PPP Forgiveness
Officials in two states with Republican-dominated legislatures announced this week that they’re planning to tax relief that borrowers get from President Joe Biden’s student debt cancellation plan — even though the same states didn’t tax the billions of dollars of loan forgiveness given to corporations and business owners under the Paycheck Protection Program (PPP). North Carolina and Missisippi’s Departments of Revenue say they’ll consider debt forgiveness taxable income, potentially saddling borrowers with hundreds of dollars of more tax liability, cutting into the sharp relief that the program is set to provide. North Carolina officials say that the taxes will come…
Dark Money Groups Are Scheming to Bring Down Biden’s Student Debt Relief Plan
Republican attorneys general and corporate advocacy groups are exploring ways to sue the Biden administration over its newly announced plan to cancel $10,000 in federal student loan debt for most borrowers, hoping the conservative-packed U.S. judiciary will strike down the executive action and deny badly needed relief to around 40 million people. Shortly after President Joe Biden announced his debt forgiveness plan, the Job Creators Network — a dark money organization representing business groups and executives — declared that it is “weighing its legal options to block President Biden’s illegal student loan bailout,” calling the move “executive overreach.” Americans for…