Student Loan Forgiveness and Income Caps: Here's What Married Couples Need to Know

Here's what married couples should know about those student loan forgiveness income caps.

Direct Stafford Loans, all Direct subsidized and unsubsidized federal student loans, Parent Plus and Grad Loans, for example. Private debt isn't covered. Some debt issued via the Federal Family Education Loan program may not qualify, either.

"Amending the return would get the forgiveness," said LaBrecque, who is the head of planning strategy at Sequoia Financial Group.For one, the government hasn't yet offered key details about certain aspects of the forgiveness plan.

Here's an illustration of potential federal tax consequences, provided by LaBrecque. The analysis assumes each spouse takes a standard deduction.

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