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The Biden administration recently announced that it has cancelled $7 billion in federal student loan debt for about 350,000 borrowers with disabilities through a data-sharing initiative between the...
Closed school discharge: If your school closed while you were attending (or soon after you withdrew), you may qualify to have your federal student loans discharged.
Getting rid of federal student loan debt has just become easier — in many cases automatic — for borrowers with qualifying disabilities. The U.S. Department of Education announced that it will ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [1]
The rules for disability discharge underwent major changes as a result of the Higher Education Opportunity Act of 2008. The regulations took effect July 1, 2010. [22] In June 2010, the amount of student loan debt held by Americans exceeded the amount of credit card debt held by Americans. [23]
One exception to the requirement to file 1099-C is when a student loan has been discharged due to the death or permanent disability of the borrower under provisions of the Tax Cuts and Jobs Act of 2017. The IRS has issued a notice that lenders or servicers of loans discharged under these provisions are not required to issue Form 1099-C, and ...
In most cases, student loans are not eligible for discharge. This includes federal student loans, private lender student loans and loans provided by a university. There are a few exceptions to this.
For federal student loan borrowers who have qualifying total and permanent disabilities, the U.S. Department of Education is providing $5.8 billion in automatic loan forgiveness, according to an ...