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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 ...
As of May 2023, around 492,000 borrowers have received loan forgiveness through a TPD discharge, according to the U.S. Department of Education’s (ED’s) Federal Student Aid site.
Total and Permanent Disability Discharge: This form of student loan forgiveness encompasses borrowers who may qualify if they suffer from a mental or physical disability that is permanent or ...
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]
The total discharged debt includes $51 billion for 715,000 borrowers through the public service loan forgiveness ; $11.7 billion for permanent disability discharges for more than 513,000 borrowers ...
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 ...