Student Loan (Repayment)

[DavidMcmillan]

As I understand it, when you have back taxes and the IRS agrees to remove some penalty, interest and tax, it becomes taxable income and reported on 1099. Will the "forgiven loan" become taxable income?

 

[Uncle TK]

Ragdoll... at OU, the Athletic Department is completely autonomous, self-sustaining. They receive nothing - not one dollar from university general fund, or from government. Ever wonder why ticket and paraphernalia costs were so high?

Please post financial information to back up claim

 

[mr ed]

I paid mine back in the early 80's.when interest was like 15-18%.
If they don't want to pay, bring back debtor's prisons. Let them work it off. Mandantory public service, military, CCC etc.

 

[AKguy1985]

Glad I never got any student loans. My psycho ex did, going to Wright career college. She would get 3-5k every 90 days as financial aid.

 

[dennishoddy]

Most of the profs she signed up for never step foot in the classroom. The assistants and grad students do the teaching. Sad to say, she had a hard time understanding most of them.

I'm betting the grad students and assistants were not of American nationality.

 

[Dorkus]

I'm betting the grad students and assistants were not of American nationality.

At OU, my son had to go onto YouTube to figure out his subjects because the TAs had such a horrible language barrier he could not understand him/her. That was about five years ago and I was not happy paying tuition and resorting to Youtube.

 

[BillM]

As I understand it, when you have back taxes and the IRS agrees to remove some penalty, interest and tax, it becomes taxable income and reported on 1099. Will the "forgiven loan" become taxable income?

Yes. Forgot to mention that it counts as income for the current year, not the year you received it.

 

[HarryBear]

Looks like talks about $10,000 forgiveness if you earn $124,000 or less per borrower.
Or possibly $50,000 talks are this week and possibly an outcome before the deadline of September 1st.

 

[alank2]

How about we stop stealing money from people (in the form of using their taxes to pay for others loans, or in the form of their money being devalued). I am beyond tired of hearing the word loan and forgiveness in the same phrase.

 

[retrieverman]