See also Minsky, “Proposal: Discharge Student Loans for Those Harmed by Pandemic and Recession,” Forbes (), available at forbes
43 S. 1414, introduced , sponsored by Sen. Richard J. Durbin, D – Ill .; H.R. 7655, introduced , sponsored by Rep. Mary Gay Scanlon, D https://badcreditloanshelp.net/payday-loans-ar/ – Pa .
44 Pentis, ” Income – Share Agreements vs. Student Loans: Which Is Right for Your Profession?” Lending Tree (), available at studentloanhero.
45 Federal Student Aid Office of the U.S. Department of Education, ” Income – Driven Repayment (IDR) Plan Request,” available at .
51 There is a safe harbor for distributions for certain expenses for medical care, tuition, casualty, etc. See Regs. Sec. 1.401(k)- 1 (d)(3)(ii).
57 Distributions to pay current – year education expenses are not subject to the 10% early – withdrawal penalty. Additionally, funds in an IRA can be withdrawn at any time; however, the amount withdrawn may be subject to income tax and the early – withdrawal penalty.
58 Congress could one day decide to provide some type of widespread student loan forgiveness, but it is prudent to have a debt repayment plan instead of relying on potential debt forgiveness.
59 Sec. 6511(a) (three years from the date the return was filed or two years from the date the tax was paid, whichever is later).
The CARES Act, enacted in , provided relief to students in several ways. First, federal student loans were automatically placed into administrative forbearance until , which meant payments were not required until that time. 9 In , President Donald Trump issued a memorandum extending similar relief until . 10 Because only government – held federal student loans are covered by these actions, millions of student loan borrowers with private loans and commercially issued federally guaranteed loans are not provided relief. (more…)