Student loan borrowers using an income-driven repayment plan could face an unexpected tax bomb down the road they may be unprepared for
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Unfortunately, it’s hard to know how much you might have to fork over. How much you owe in taxes the year your debt is forgiven will depend on a variety of factors including how much you earned that year and your current tax rate. Institute for College Access and Success Also remember that income-driven plans don’t necessarily save you money on your student loans to begin with — they simply spread out smaller payments over an enormous timeline of 20 to 25 years.
Repay the entire loan balance plus $21,650 in interest with IBR or REPAYE, only to owe $13,050 in additional federal income tax when their loans are forgiven
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