A invoice currently in committee in the New York State Assembly could bring some relief to New Yorkers struggling with paying down student debt.
Assembly Bill A5724, as currently drafted, provides a personal income tax deduction for student loan repayments. It would amend Section 612 of the Tax Act, to say “Payment not exceeding five thousand dollars actually paid by an eligible borrower for repayment of a student loan, to the extent that it is not deductible in determining income adjusted and unreimbursed federal gross”.
In clear terms, eligible borrowers could benefit from an income tax deduction of up to $5,000 for student loan repayments if the bill were to be passed and signed into law by the Governor of New York State. , Kathy Hochul. Any taxpayer who takes out a qualified student loan in their own name or in the name of their spouse or any dependent would be eligible for the tax deduction.
According to a report by Nick Reisman from Spectrum News, New York student borrowers currently owe about $90 billion in debt. While this bill wouldn’t eliminate that student loan debt outright, it would help keep money in the pockets of borrowers who may struggle to meet living expenses and exorbitant loan repayments. .
At the federal level, a report by Ali Vitali, Haley Talbot, Monica Alba and Lauren Egan from NBC News says President Joe Biden should forgive $10,000 in federal student loans per borrower, provided the borrower earns less than $125,000 a year. That report also said President Biden should extend the suspension of student loan payments for several months.
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