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On Nov. 14, a federal appeals court issued a nationwide injunction temporarily blocking the loan relief program, which aims to cancel up to $20,000 in student debt per borrower. The ruling was ...
The cancellation of a key provision in a federal student loan forgiveness program likely left thousands struggling to repay their debt, according to a new report by a government watchdog, the vast ...
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 ...
More than 200,000 borrowers who were misled by colleges will have loans discharged.
To get student loans discharged, you'll need to prove that they cause you "undue hardship." Borrowers can choose between Chapter 7 and Chapter 13 bankruptcy, but they must file a separate ...
In addition, since federal student loans do not limit the amount a lender can borrow, this has allowed public as well as private colleges to increase their tuitions. [46] In February 2023, the U.S. Supreme Court heard oral arguments in Biden v. Nebraska concerning President Biden's order to cancel student loan debt for an estimated 40 million ...
Select private student loan borrowers may be eligible for student loan forgiveness through former servicer Navient. Plus, more sweeping student loan cancellation was announced for federal ...
Key takeaways. You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a ...