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 Supreme Court will review a lower-court decision that blocked a rule from the Biden administration that helps students defrauded by their colleges to have their loans forgiven. President Joe Biden’s administration has forgiven billions of dollars of student loans under the borrower defense rule.

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The Biden administration has withdrawn two major plans to deliver student loan forgiveness.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.

In the waning days of the Biden administration, activists are urging the Education Department to discharge the student debt of older borrowers who they say are in no position to repay.

Elaine is a higher education finance and policy expert. She is currently the Director of Corporate Communications for Edvisors. Elaine has more than 15 years of experiencing helping students and families plan and pay for college,

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.