Tax Consequences of Loan Discharges for Borrowers in Income-Driven Repayment Plans.
This brief illustrates that while many borrowers in IDR [income-driven repayment] will repay their loans in full, those who do receive a discharge of remaining debt after 20 or 25 years of responsible payments may face an unaffordable tax liability because these discharged amounts are treated as tax...
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Full Text (via ERIC) |
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| Corporate Author: | |
| Format: | eBook |
| Language: | English |
| Published: |
[Place of publication not identified] :
Distributed by ERIC Clearinghouse,
2020.
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| Subjects: |
| Summary: | This brief illustrates that while many borrowers in IDR [income-driven repayment] will repay their loans in full, those who do receive a discharge of remaining debt after 20 or 25 years of responsible payments may face an unaffordable tax liability because these discharged amounts are treated as taxable income under current law. |
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| Item Description: | Availability: Institute for College Access & Success. 405 14th Street 11th Floor, Oakland, CA 94612. Tel: 5110-559-9509; Fax: 510-845-4112; e-mail: admin@ticas.org; Web site: http://www.ticas.org. Abstractor: As Provided. Educational level discussed: Higher Education. Educational level discussed: Postsecondary Education. |
| Physical Description: | 1 online resource (11 pages) |