Professor Richard Kaplan authored an op-ed in Crain's Chicago Business regarding the COVID-19 relief bill and its potential impact on student loan debt. An excerpt follows:
"A change with enormous implications for student loan borrowers was enacted as part of the American Rescue Plan Act. This change declares that any student loan that is forgiven during the next five years will be considered tax-free income by the federal government. This provision is of inestimable value to student borrowers who qualify and perhaps to others for the implicit message it sends about possible changes in the status of student loans generally."
Read the full op-ed.
Note: The views expressed are those of the author and do not necessarily reflect the views of the University of Illinois College of Law.