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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 one of these:
    • Governmental unit
    • Tax-exempt Section 501(c)(3) organization

To learn more, see these at www.irs.gov:

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

Ready to file?

You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.

Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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