S3538Referred to Committee

Student Loan Tax Elimination Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-12-17
Introduced
4
Cosponsors
S
ⓘ
Type

Sponsor

Jim Banks
Jim Banks
Republican · IN · Senator
Votes with party: 77.0% (903 recorded votes)

Full profile: /officials/B001299

Source: Congress.gov · FEC

Cosponsors (4)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

4 cosponsors on record at Congress.gov. The named list is syncing into Govwatch and will appear here shortly — view on Congress.gov in the meantime.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

2025-12-17

Source: Congress.gov

Committee Activity

Previously

Plain-English Summary

The proposal would eliminate federal income taxes on student loan forgiveness, meaning borrowers whose remaining student debt is canceled wouldn't have to pay income tax on that forgiven amount. Currently, when student loans are forgiven through programs like Public Service Loan Forgiveness or income-driven repayment plans, borrowers may owe federal taxes on the forgiven balance as if it were income. This change would benefit millions of Americans with student debt by reducing the tax bill they face when their loans are discharged.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Education
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