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There are various loan forgiveness programs for nurses serving in the military. The Navy offers a Health Professions Repayment Program , while the Army has similar programs for active-duty members .
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]
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Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
Debt relief or debt cancellation is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations.. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves.
The deal included the forgiveness of $480 million in loans Corinthian students took out, earning praise from federal agencies and some consumer groups. [40] ECMC Group reported a loss of $100 million for Zenith Education Group in 2015.
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