Students occasionally apply to have their student loan forgiven. While these are seldom forgiven, a few can be accomplished. A little unknown or seldom mentioned is made of those forgiven, certain situations require the forgiven loans to become taxable income by the IRS. Further, the methods to have a loan forgiven are often more restricting to the debtor than simply paying off the debt.
Instead, students would be better advised to seek many scholarships of varying amounts, working, internships, military service or saving before ever using a student loan. There are numerous other methods to pay for college or trade program. College administration primarily directs students toward a loan when paying tuition to the student’s detriment. Further, using a co-signer on a student loan is a horrible practice. Avoid this trap.