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Student Loan Forgiveness


Dan

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Question:  Where can I find the application for the student loan forgiveness plan that the president is talking about?  Is there such an application?  How can one go about applying for a student loan forgiveness?  Would appreciate your help.  Thanks!

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12 hours ago, Pacun said:

Debt forgives from that law will not be taxable nor reportable.

To be specific, the American Rescue Plan Act of 2021 modified the tax code Section 108(f)(5) to exclude from income most education loans forgiven in 2021 through 2025, and the IRS issued Notice 2022-01 indicating that lenders should not file Form 1099-C for them.

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