Loan Forgiveness

[PublicHealth]

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How does loan forgiveness work?

 

[PublicHealth]

Anyone?

 

[Kalel]

Loan forgiveness is just counted as taxable bonus income. A lot of government programs offer loan forgiveness programs and sometimes private practices will offer them as well as incentives for you to join them, but it's equivalent to being paid in cash the amount that your loan is being forgiven.

 

[edmadison]

Originally posted by Kalel
Loan forgiveness is just counted as taxable bonus income. A lot of government programs offer loan forgiveness programs and sometimes private practices will offer them as well as incentives for you to join them, but it's equivalent to being paid in cash the amount that your loan is being forgiven.

Except that certain government run loan forgiveness program payments are not counted in taxable income. There may be some of these for medicine, but I think most are for teachers willing to serve in very underserved areas.

Ed