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Tax 2012Tax 2012 5. Tax 2012 Student Loan Cancellations and Repayment Assistance Table of Contents Introduction Student Loan CancellationQualifying Loans Student Loan Repayment Assistance Introduction Generally, if you are responsible for making loan payments, and the loan is canceled (forgiven), you must include the amount that was forgiven in your gross income for tax purposes. Tax 2012 However, if you fulfill certain requirements, two types of student loan assistance may be tax free. Tax 2012 The types of assistance discussed in this chapter are: Student loan cancellation, and Student loan repayment assistance. Tax 2012 Student Loan Cancellation If your student loan is canceled, you may not have to include any amount in income. Tax 2012 This section describes the requirements for tax-free treatment of canceled student loans. Tax 2012 Qualifying Loans To qualify for tax-free treatment, for the cancellation of your loan, your loan must have been made by a qualified lender to assist you in attending an eligible educational institution and contain a provision that all or part of the debt will be canceled if you work: For a certain period of time, In certain professions, and For any of a broad class of employers. Tax 2012 The cancellation of your loan will not qualify for tax-free treatment if it is cancelled because of services you performed for the educational institution that made the loan or other organization that provided the funds. Tax 2012 See Exception, later. Tax 2012 Eligible educational institution. Tax 2012 This is an educational institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Tax 2012 Qualified lenders. Tax 2012 These include the following. Tax 2012 The United States, or an instrumentality thereof. Tax 2012 A state, territory, or possession of the United States, or the District of Columbia, or any political subdivision thereof. Tax 2012 A public benefit corporation that is tax-exempt under section 501(c)(3); and that has assumed control of a state, county, or municipal hospital; and whose employees are considered public employees under state law. Tax 2012 An eligible educational institution, if the loan is made: As part of an agreement with an entity described in (1), (2), (3) under which the funds to make the loan were provided to the educational institution, or Under a program of the educational institution that is designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs where the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax 2012 Occupations with unmet needs include medicine, nursing, teaching, and law. Tax 2012 Section 501(c)(3) organization. Tax 2012 This is any corporation, community chest, fund, or foundation organized and operated exclusively for one or more of the following purposes. Tax 2012 Charitable. Tax 2012 Religious. Tax 2012 Educational. Tax 2012 Scientific. Tax 2012 Literary. Tax 2012 Testing for public safety. Tax 2012 Fostering national or international amateur sports competition (but only if none of its activities involve providing athletic facilities or equipment). Tax 2012 The prevention of cruelty to children or animals. Tax 2012 Exception. Tax 2012 The cancellation of your loan does not qualify as tax-free student loan cancellation if your student loan was made by an educational institution and is canceled because of services you performed for the educational institution or other organization that provided the funds. Tax 2012 Refinanced Loan If you refinanced a student loan with another loan from an eligible educational institution or a tax-exempt organization, that loan may also be considered as made by a qualified lender. Tax 2012 The refinanced loan is considered made by a qualified lender if it is made under a program of the refinancing organization that is designed to encourage students to serve in occupations with unmet needs or in areas with unmet needs where the services required of the students are for or under the direction of a governmental unit or a tax-exempt section 501(c)(3) organization. Tax 2012 Student Loan Repayment Assistance Student loan repayments made to you are tax free if you received them for any of the following: The National Health Service Corps (NHSC) Loan Repayment Program (NHSC Loan Repayment Program). Tax 2012 A state education loan repayment program eligible for funds under the Public Health Service Act. Tax 2012 Any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in under served or health professional shortage areas (as determined by such state). Tax 2012 You cannot deduct the interest you paid on a student loan to the extent payments were made through your participation in the above programs. Tax 2012 Prev Up Next Home More Online Publications
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