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To apply for student loan forgiveness, you’ll need to submit a Total and Permanent Disability Discharge application on the Federal Student Aid website and provide supporting documentation of ...
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...
Last month, the Biden-Harris administration officially launched the Saving on a Valuable Education (SAVE) plan, which aims to cancel more than $117 billion in student loan debt for 3.4 million...
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 ...
The U.S. Department of Education announced that it will automatically forgive federal student loans for at least 323,000 borrowers who have total and permanent disabilities. An estimated $5.8 ...