Anyone who's ever relied on a Student Loan Forbearance or Student Loan Deferment will be familiar with the way that this program works, and all the same issues apply — typically, if you quality for the program, you won't have to make principal tax payments, but you will start racking up interest on
whatever amount of debt you owe.
Not exact matches
That doesn't mean the
amount you
owed on your loans just disappears —
whatever student
debt balance you carried is now part
of your new mortgage loan.
This program doesn't necessarily help with write - offs or
debt reduction, but is more focused on extending the
amount of time you have to pay back
whatever back taxes you
owe to the IRS.
For
whatever reason, the IRS will not negotiate with you — at all — if your» e undergoing any form
of bankruptcy proceeding, so don't expect the file bankruptcy on your
debt, then negotiate down the
amount you
owe the IRS.