Considerations for Student Loan Forgiveness. At a recent presentation I was asked on multiple occasions about the possibilities of getting one or more student loans forgiven. These questions came right after I showed a slide which indicated that student loan forgiveness would not result in taxable income under the recent tax law changes in March 2021. I stated that I would post a sample letter to begin the process of seeking loan forgiveness. This sample document is a very rough starting point (and should not be relied upon as providing any legal advice for your specific situation) for you to think about why any particular lender would agree to forgive a debt that is actually legally owed. Put yourself in the lender’s position. The more information you can show, the greater the likelihood that your position will receive consideration.
NOTE: There are special rules for Public Student Loan Forgiveness/Hardship and Qualifications. https://studentaid.gov/sites/default/files/public-service-application-for-forgiveness.pdf
NOTE: Complete student loan forgiveness is a relatively rare occurrence. Even if you do not succeed, you may be able to gain a deferral, reduction or some other favorable outcome. Best of luck!
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