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Cons-just think of student loan forgiveness as filing for bankruptcy.
26 Aug 2022 2:15 pm
Technically so was the delta between your mortgage and what the bank collected when you turned in your keys in 2008...ConsRule » 26 Aug 2022, 12:22 pm » wrote: ↑ Actually, it's a tax INCREASE for everyone who has debt forgiven. You claim to be very intelligent and informed, don't you know debt that is forgiven is taxable income for the person given the relief? They are in for a surprise the next time the file a tax return and have to declare that income that did not have taxes withheld because the loan documents (and yes, I have read them as my daughter took out a student loan) do not contain a provision that excludes them from income if the debt is forgiven in this manner. The forgiveness must be for work performed in certain areas by selected professionals.
But it was almost universally forgiven.