Thank you. I did not know the forgiven amount become taxable income. My wife dont have any income right now after attempting to find job for last 2 years. Loan is 200k for which payment is $500/month as per our last year income (filed jointly). Also how is the tax rate is decided on that forgiven amount is it based on the end of 20 or 25 year? Is it based on the tax code on the final year of forgiveness? Truly appreciate your reply. Coming out of student loan debt is just impossible it seems, i thought going through 20-25 years would be it but as you explained it seems impossible.
