You'd like to figure out if student loans are forgiven due to death and disability. The answer is yes, but you need to double-check the new tax cuts in Jobs Act that President Trump and Congress signed in December 2017. These changes made some big changes in this area, with the main one being a scandal involving a veteran with a traumatic brain injury. This veteran had around $200,000 of loans forgiven due to his disability, but then received a bill from the IRS for $70,000. This is not a made-up scenario, folks. He called some representatives who took up his case and managed to change the provision in the tax code. Now, when someone's student loans are forgiven due to total and permanent disability discharge, the forgiving balance is no longer considered taxable income. Previously, if your loans were forgiven, you would receive a form known as a 1099-C, which indicated the forgiven amount as taxable income. However, in the case of death and disability, federal student loans should no longer incur taxes on the forgiven balance. It's important to note that the criteria for permanent disability are not easy to meet, and regular searches are conducted on the Social Security and VA rolls to identify individuals who meet these criteria. Despite the complexity, if you do become permanently disabled or pass away, you won't have to worry about making hefty monthly payments towards your student debt. The situation for private student loans is a bit more complicated. Many private lenders may claim to forgive your student debt in the event of death or disability, but this is discretionary and not contractual. In most cases, though, private lenders do forgive debts under these circumstances. However, it's worth considering protecting your family by obtaining life insurance. A term life insurance...
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Disability Discharge Student Loans Taxable Form: What You Should Know
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