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(FOX NEWS) – Student loan borrowers across the country could soon see up to $20,000 of their student loan debt forgiven in the massive handout announced by President Biden – but it still may come at a cost. State tax may be charged on student loan handout funds. The tax laws vary from state to state.
Former Mississippi State college student Dee Stegall said he recently found out he qualified to have $20,000 of his student loans forgiven. "I was very relieved to hear that that relief was coming from the federal government," Stegall said.
But, he said that relief didn’t last. "Within 24 hours, those feelings get complicated, because then you realize that depending on what state you're in – Mississippi – you could potentially be paying taxes on that," Stegall said.
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