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Perkins Loan Cancellation: Teachers, firefighters, law enforcement officers and others are eligible for Perkins Loan cancellation or discharge. Cancellation can happen over the course of five ...
The tax forms concerning these student loans scenarios include: Form 1098-E: Also known as the Student Loan Interest Statement , this lender-sent form tallies your interest paid to help you claim ...
You never have to pay for federal student loan forgiveness or discharge, and there are only four ways to get your federal student loans discharged: Public Service Loan Forgiveness (PSLF ...
While the Supreme Court rejected Biden’s original student loan forgiveness plan which would have forgiven up to $20,000 per borrower, he still managed to erase more than $127 billion in student ...
The U.S. Department of Education on Friday started accepting applications from federal student loan borrowers for up to $20,000 in debt forgiveness. (Ben Margot/AP)
At the time of borrowing, the loan proceeds did not have to be reported as income because there was an obligation to repay the lender. Forgiving that obligation makes those loan proceeds income. The lender is usually required to report the amount of the cancelled debt to the borrower and the IRS on a Form 1099-C, Cancellation of Debt. [4]
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