Great info! Thank you for sharing. One thing I recently found out is paying the taxes. All of the money that is “forgiven” at the end of the 10 years you will be responsible for the taxes on it. It is treated as income. That can be huge! It’s a good idea to calculate the approximate amount it would be so you can start saving to pay it.
Great info! Thank you for sharing. One thing I recently found out is paying the taxes. All of the money that is “forgiven” at the end of the 10 years you will be responsible for the taxes on it. It is treated as income. That can be huge! It’s a good idea to calculate the approximate amount it would be so you can start saving to pay it.
That was legislation to not be taxed. I think it lasts to 2025, but I could be wrong.
We thought so too but then found this info:
studentaid.gov/manage-loans/forgiveness-cancellation/public-service/questions
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thank you for the support!