ARTICLE · 11 OCTOBER 2022

Student Loan Forgiveness: A Wisconsin Primer

Meissner Tierney Fisher & Nichols

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On August 24, President Biden announced a highly anticipated decision on student loan forgiveness.[1] For individuals earning less than $125,000 ($250,000 for married couples)...

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Daniel A. Sievert

What is student loan forgiveness?

On August 24, President Biden announced a highly anticipated decision on student loan forgiveness.¹ For individuals earning less than $125,000 ($250,000 for married couples), the U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients and up to $10,000 to non-Pell Grant recipients with federal student loans.² The precise mechanics of when the loan forgiveness takes place is still unknown, a key fact for borrowers in states that tax student loan forgiveness. And while the announcement was greeted by some and dismayed by others, commentators have taken note that just as certain as death is to life, so too are tax consequences.

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