AUSN

FALL 2018

Navy magazine is distributed on Capitol Hill,the Pentagon and naval bases around the world. It provides information that impacts Sailors, their families and the Navy. Navy is published quarterly by the Association of the United States Navy (AUSN).

Issue link: http://digital.ausn.org/i/1058465

Contents of this Issue

Navigation

Page 29 of 47

28 Navy | Fall 2018 I n the past, veterans who had a nding by the Department of Veterans' Aairs of Individual Unemployability (IU) could get their student loans forgiven, but unfortunately it was considered to be taxable income by the IRS. at meant an unexpected tax bill for people who were o-en completely unpre- pared to pay such a large amount of money, and for some people this increase in reported annual income made them ineligible for means-tested programs like Medicaid or Supplemental Security Income (SSI). is is the case regardless of how old you are or how long ago you took out student loans - be sure to tell everyone you know! Good news: is is no longer the case. Now, any student loans forgiven due to disability are no longer considered income. VA and the US Department of Education are working together to make it easier for you to apply. As always, free lawyers at Veterans Education Success are here to help if you have questions about your student loans or GI Bill. How Many Veterans Qualify? VA and the US Education Department estimate there are more than 42,000 veterans with severe disabilities who hold a total of more than $1 billion in outstanding student loans and who may be eligible for IU student loan forgiveness. Sadly, more than 11,000 of those veterans were in default with $168 million in outstanding loans. Defaulting on your loans hurts your credit score and can cause a lot of nancial trouble. If you are facing GUEST COLUMN Veterans: Know Your Rights! Totally and Permanently Disabled Veterans Can Now Have Their Student Loans Forgiven – TAX FREE

Articles in this issue

Archives of this issue

view archives of AUSN - FALL 2018