Why can’t people get rid of student loans through bankruptcy now? Although not impossible, discharging student loans in bankruptcy is difficult. Due to a 1976 law, student loans are not treated during bankruptcy proceedings like other forms of debt, such as credit card debt or auto loans. This policy stems from
By Zack Friedman, Forbes Biden may extend student loan relief beyond September 30, but there’s one major dilemma. Here’s what you need to know. There are two parallel paths for your student loans happening right now. The first — student loan cancellation — is about the possibility of wide-scale student
By Annie Nova, CNBC Struggling student loan borrowers who own a business received some welcome news this week: They will no longer be excluded from the Paycheck Protection Program. Any business owned 20% or more by a borrower who had fallen behind on their payments previously could be determined ineligible
By Katie Lobosco, CNN Washington (CNN) – President Joe Biden made it clear during Tuesday night’s CNN town hall that he disagrees with other members of his party who want to cancel $50,000 of student debt per borrower. “I will not make that happen,” Biden said after a member of
By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
By now, we have all heard how immense the student debt crisis actually is. So, it should come as no surprise that student loans continue to wreak havoc on the lives of students who graduate with loan repayments. What is more, though, is that the loans carry on their effect
