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WISCONSIN'S MIDDLE CLASS

We can't let Wisconsin's working class families fall behind. 

We must make sure every qualified working class family can accept student loan forgiveness without facing tax penalties.

Student loan forgiveness would help more than 715k Wisconsin families

Student Loan Forgiveness could provide economic relief for approximately 715,800 Wisconsinites who owe a combined total of $23.1 billion in federal education loans. Nearly 230,000 of them could have their entire student debt eliminated.  Another 485,000 whose loan balance exceeds $10,000 would have their debt partially forgiven. 

 

However, Wisconsin is one of just 7 states that plan to treat student loan forgiveness as taxable income and force residents to pay taxes on money that never hits their bank accounts.  This effectively penalizes borrowers for accepting loan forgiveness and could keep the low-income workers who need the forgiveness most from being able to accept it. 

 

While the majority of the country takes the economic boost of loan forgiveness, Wisconsin will be left behind if the GOP-led state legislature does not change the tax rules to allow workers to accept the forgiveness without a tax penalty.

Three in five Americans support student loan forgiveness. Those who have experienced the burden of student debt, regardless of their party, are the biggest supporters of the measure. 

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