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If student loans were canceled? Great, but you may still owe taxes on that debt.

Without action by Congress, the IRS considers student loans that are discharged as income and expects you to pay taxes on it.

Democratic presidential candidate Sen. Bernie Sanders, I-Vt.,speaks during a forum on Friday, June 21, 2019. On Monday he proposed wiping out $1.6 trillion in student loan debt.
Democratic presidential candidate Sen. Bernie Sanders, I-Vt.,speaks during a forum on Friday, June 21, 2019. On Monday he proposed wiping out $1.6 trillion in student loan debt.Read moreBrynn Anderson / AP