Well, howdy there internet people, Lids Bow again. So today we're going to talk a little

bit more about student loan forgiveness and a couple of aspects about it that are kind of

of showing up in the media and maybe need some clarification.

The first topic is the topic of overlooked borrowers and the second is whether or not you're going to be taxed on the forgiveness as income.

If you are concerned about this, stick around because I will tell you there is some bad reporting

out there on this.

Okay, overlooked borrowers first.

There's about 5 million people in the United States

that have loans that are under the umbrella of federal family education loans.

These loans were part of a program that was terminated, I want to say back in 2010, and the loans were guaranteed by the feds but they were held

commercially now through bank bailouts and students defaulting and the feds ending up with the paper and all of that.

About half of them have wound up being owned by the feds.

But because these loans are held commercially... by the forgiveness doesn't apply to the forgiveness doesn't apply to them.

Now if you're interested in your particular loan you can go to student aid.gov and

type in your FSA ID number and you can get a little bit more information.

The interesting part is that the Biden administration appears to be trying to find

some way through executive order, some policy directive, whatever, to extend the forgiveness to these loans, or maybe just

the half that are owned by the feds. We don't know yet. But while that's really good

for the 5 million or 2.5 million people that are directly impacted. It's also good for

everybody else. It shows that the Bind administration isn't done. When it comes

to revamping education costs, the Bind administration isn't finished.

They just had a huge win, right?

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