Student Loan Forgiveness 2024 Update Tax. The education department last year approved at least 855,000 borrowers for student. The future of student loan forgiveness will likely depend on key events over the next few months.

Due to a temporary change in the law, student loan forgiveness is not considered federally taxable income. The consumer financial protection bureau reached a $120 million settlement with navient that may lead to compensation for hundreds of thousands of borrowers.