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On december 27 2020 president donald trump signed into law a 900 billion pandemic relief bill that provides extended relief for qualified student loan borrowers.
December 2020 stimulus student loans. This means that the existing student loan relief from the cares act stimulus package will not expire on december 31 2020 as previously expected. New coronavirus stimulus bill does not include student loan relief mandatory payments are set to resume in february 2021 published mon dec 21 2020 4 36 pm est abigail johnson hess abigailjhess. The student loan relief was originally scheduled to end in september but the trump administration granted two extensions the first to december 31 and the second to january 31 to provide congress with additional time to extend the relief further.
Text of the stimulus bill released on monday confirms that it does not include an extension of student loan relief. Student loan relief was not extended in the 2 3 trillion coronavirus relief and government spending. Known as the heroes act the stimulus package is a win for borrowers seeking student loan repayment from their employers.
In the new stimulus package congress extended this student loan relief for five years through december 31 2025. But with the passage of the december 2020 stimulus package congress has extended this tax free benefit through dec. Updated dec 28 2020 at 6 56am.
In addition to helping with your student loan repayment you can save income taxes. Previously trump extended student loan relief. Accordingly until 2025 money an employer pays either in a lump sum or spread out monthly on a student s student loan debt can be treated as a business deduction and is not considered as w 2 income for the employee.
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