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Tax Consequences of Loan Discharges for Borrowers in Income-Driven Repayment Plans

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Title: Tax Consequences of Loan Discharges for Borrowers in Income-Driven Repayment Plans
Language: English
Authors: Institute for College Access & Success
Source: Institute for College Access & Success. 2020.
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
Peer Reviewed: N
Page Count: 11
Publication Date: 2020
Document Type: Reports - Descriptive
Education Level: Higher Education
Postsecondary Education
Descriptors: Taxes, Income Contingent Loans, Loan Repayment, Student Loan Programs, Loan Default, Income, Debt (Financial), College Graduates
Abstract: 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.
Abstractor: As Provided
Entry Date: 2020
Accession Number: ED607697
Database: ERIC
FullText Text:
  Availability: 0
CustomLinks:
  – Url: https://eric.ed.gov/contentdelivery/servlet/ERICServlet?accno=ED607697
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PubType: Report
PubTypeId: report
PreciseRelevancyScore: 0
IllustrationInfo
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  Data: Tax Consequences of Loan Discharges for Borrowers in Income-Driven Repayment Plans
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  Data: 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
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  Data: 11
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  Data: 2020
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  Data: <searchLink fieldCode="DE" term="%22Taxes%22">Taxes</searchLink><br /><searchLink fieldCode="DE" term="%22Income+Contingent+Loans%22">Income Contingent Loans</searchLink><br /><searchLink fieldCode="DE" term="%22Loan+Repayment%22">Loan Repayment</searchLink><br /><searchLink fieldCode="DE" term="%22Student+Loan+Programs%22">Student Loan Programs</searchLink><br /><searchLink fieldCode="DE" term="%22Loan+Default%22">Loan Default</searchLink><br /><searchLink fieldCode="DE" term="%22Income%22">Income</searchLink><br /><searchLink fieldCode="DE" term="%22Debt+%28Financial%29%22">Debt (Financial)</searchLink><br /><searchLink fieldCode="DE" term="%22College+Graduates%22">College Graduates</searchLink>
– Name: Abstract
  Label: Abstract
  Group: Ab
  Data: 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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      – Text: English
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      Pagination:
        PageCount: 11
    Subjects:
      – SubjectFull: Taxes
        Type: general
      – SubjectFull: Income Contingent Loans
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Student Loan Programs
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      – SubjectFull: Loan Default
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      – SubjectFull: Income
        Type: general
      – SubjectFull: Debt (Financial)
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      – SubjectFull: College Graduates
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              Y: 2020
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