Student Loans

More than seven million borrowers will need to change repayment plans for federal student loans.

Federal student loan repayments are restarting this month, and some borrowers may be eligible for loan relief or forgiveness. Borrowers whose loans are forgiven should be aware that Indiana taxes some of those balances as income.

Its been more than three years since federal loan repayments were paused because of the COVID-19 pandemic. In October, the freeze will be over for more than 900,000 Hoosiers.

Federal student loan repayments resume in October, and for borrowers, the type of repayment plan they choose determines how much they pay each month, the duration of the payments and whether they qualify for loan forgiveness programs. New changes were implemented by President Joe Biden this year to make the decision easier.

Federal student loan repayments resume Oct. 1.

More than 19,000 eligible Indiana borrowers will have part or all of their student loans discharges following federal action taken last week by the Biden administration.

Indiana borrowers react to Supreme Court decision striking down Biden student loan forgiveness.

Indiana is one of four states that taxes student loan forgiveness. This will include President Joe Biden's recent one-time cancellation of student loan debt for eligible borrowers.

The Indiana Department of Revenue confirmed in an email to the Associated Press Tuesday that residents are required to list their forgiven loans as taxable income per Indiana law.

Around 294,000 Hoosiers could have their student loans wiped away under President Joe Biden's effort to forgive federal student loan debt.