Your college students are back at college, and they have their financial aid, books, laptops, dorm room supplies, groceries…but do they have everything that they need? Your college student needs legal documents as they head back to school to ensure that you are able to make key medical and emergency decisions for your child should something occur.
Waiver of Family Educational Rights and Privacy Act (FERPA)
With your child now being a legal adult, you no longer have the ability to access their education information. This may seem unfair if you are paying for their education, but ...
With the recent announcement on August 24, 2022 that up to $10,000 worth of federal student loans per borrower, and up to $20,000 for Pell Grant recipients, would be forgiven, many people are asking whether or not this forgiveness will be subject to income tax?
Federal Income Tax?
The general rule is that the IRS considers forgiven debt to be taxable as income for federal income tax purposes.