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The Biden administration continues to cancel billions in student loans despite the Supreme Court’s rejection of the president’s plan to forgive up to $430 billion in student debt. The White House just announced another $4.8 billion tranche of forgiven loans for 83,000 individuals, a gift of nearly $60,000 per borrower. This brings the total cancelations since Biden took office to $132 billion for some 3.6 million Americans.

The deficit impact of these cancelations is mitigated somewhat because U.S. tax law treats debt forgiven under income-driven student loan repayment plans as taxable income. However, the American Rescue Plan Act of 2021 (ARPA) temporarily exempted these plans from taxation through 2025, providing borrowers with a second windfall. Some lawmakers have proposed permanently excluding all canceled loans from tax.

Forgiving student loans and the resulting tax liability is bad policy. But the bigger windfall is the tax exemption for public and private colleges and universities, the very institutions that pocketed the $132 billion in tuition those loans financed.

MILLIONS OF STUDENT LOAN BORROWERS STILL AREN'T PAYING THEIR........

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