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There’s a huge catch if the federal government forgives your student debt

college students involvement

Student-loan debt in the US has grown to a staggering $1.3 trillion, and the average 2016 graduate will have to repay more than $37,000.

The US government touts its income-driven repayment plans as the solution for managing debt if you don’t have a high-paying job. These plans allow you to pay 10% to 15% of your discretionary income and have your debt forgiven after 20 to 25 years (depending on the plan).

That all sounds great, but there is one major catch: The debt that is canceled is still taxable and can be an enormous read more >>>

Source:: BusinessInsider.Com