Today, August 24th 2022, President Biden announced a program to forgive student debt for qualifying taxpayers.

According to the announcement, those with qualifying student loans could receive between $10,000 and $20,000 in forgiveness.

Pell Grant recipients can qualify for up to $20,000 in debt forgiveness.
Those with other loans that do not have Pell Grants could qualify for up to $10,000 in debt forgiveness.

Qualifying taxpays need to earn less than $125,000 individually or $250,000 for married couples.

With this, like many of the programs announced by tweet or in front of the cameras in recent years, the devil will be in the details — which will take some time to flush out.

Questions yet to be answered:
Will the amount forgiven be subject to income tax?
What exactly gets counted as income and will any adjustments be permitted?
How will people apply for this program?
What other conditions or restrictions will exist?

Expect the Department of Education and the US Treasury to be writing rules and regulations as well as a possible court case on this.

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