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Will I be taxed on my canceled student loan debt?

(NEXSTAR) – It’s been a confusing time for people with student loans. Collections restarted, then were put on hold. At the same time, borrowers had to stay on top of changes to key forgiveness plans.

Last year, the long-contested SAVE plan introduced by the Biden administration ended with a settlement agreement. President Donald Trump’s “Big Beautiful Bill” introduced new borrowing limits for graduates and raised challenges to the Public Service Loan Forgiveness program. While several changes for student loan borrowers will take effect this summer, other key questions remain unresolved.

For many who had the good fortune of having their loans canceled in 2025, they may be wondering what that means for their tax return.

In general, canceled loan debt is treated as taxable income – aside from special cases, including the Public Service Loan Forgiveness program – but this year there is good news for taxpayers.

Student loan debt canceled from 2021 through 2025 is excluded on federal returns, thanks to a measure of the American Rescue Plan Act. Individual state policies may differ, so it’s a good idea to check with your local tax board; see the IRS website for additional details.

The Biden administration implemented the rule as part of a broader effort to cancel student loan debt, which the U.S. Supreme Court ultimately halted, according to the National Association of Student Financial Aid Administrators (NASFAA).

The Associated Press contributed to this report.

Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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