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Cancellation of Student Loans

If schools and foundations forgive your loans, those loans might not be taxable. Changes to the exclusion rules mean loans made by some schools aren’t taxed.

For the exclusion rules to apply:

  • An educational institution must have made the loan.
  • The loan must have been part of a program that encourages students to serve in occupations or areas with unmet needs.
  • Your job must fall under a governmental unit or a tax-exempt Section 501(c)(3) organization.

If you’d like to  learn more, see these at www.irs.gov:

  • Publication 525: Taxable and Nontaxable Income
  • Publication 970: Tax Benefits for Education

 

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