You went to college. You borrowed from the bank. The bank is hounding you for the payments. You can’t afford to pay. What are your options and how can you get the bank off your back?
Student loan debt is a complicated subject, and we won’t cover all the details here. We want to offer a detail that could yield potential tax savings: student loan cancellation and student loan repayment assistance may be tax exempt if you meet certain requirements.
Check out “Tax Benefits for Education,” from the IRS. Page 35 will tell you more about qualifying education loans and assistance programs that may be tax free.