President Donald Trump’s One Big Beautiful Bill Act (OBBBA), recently signed into law, ushers in a number of new tax write-offs and credits. Some of those include the “No Tax on Tips” provision (which allows eligible tipped workers to deduct a portion of their income from tips on their federal income taxes), car loan and charitable donation deductions, and a child credit. However, other deductions that Trump’s tax bill did not renew will expire at the end of this year, including those related to student loan forgiveness. As a result, borrowers with certain federal student loans may have to pay more taxes.

“There are two things that student loan borrowers need to know: There are changes in the way student debt is taxed, and the other is Congress didn’t extend tax-free student loan forgiven

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