In Indiana, those who are eligible to receive $10,000 in federal loan forgiveness will pay up to $323 in taxes, while Pell Grant recipients could owe around $646.
INDIANAPOLIS — Indiana will tax student debt relief as income, similar to many other states, following the Biden administration's announcement of forgiveness last month.
More than 40 million Americans could see their student loan debt cut or eliminated under President Joe Biden's plan, which is erasing $10,000 in federal student loan debt for individuals with incomes below $125,000 a year, or households that earn less than $250,000. Federal Pell Grant recipients could receive an additional $10,000 in federal forgiveness under the plan.
Indiana’s tax rate is 3.23%. For Hoosiers receiving $10,000 in loan forgiveness, this means they will pay up to $323 in income tax. Pell Grant recipients could owe around $646, Natalie Rodriguez, communications manager for the Department of Revenue, said via email on Tuesday.
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