Whether intentional or unintentional, this loophole for certain high-income debtors is likely to cause even more strife over who should be eligible for relief - should everyone be treated equally or should high-income debtors, often with high balances, be excluded? Moreover, it creates a strange inequality among those recent graduates with high-incomes. But what should be made of the fact that the White House did not close this loophole, as it easily could with a just few tweaks of the language?Įxcerpt from the White House’s application form preview for its student loan forgiveness program.
Instead of saying that a debtor could qualify if their income was below the threshold in “either” 2021 “or” 2020, the form could have said “both” 2021 “and” 2020 - specifically excluding anyone whose income exceeded the threshold in either year (or if their estimated income would exceed that threshold in 2022). If the White House did not want to create this loophole, it could have written the application differently. The Student Loan Interest Deduction was similarly restricted to lower-income debtors, in theory, but in practice, many high-income debtors could deduct student loan interest on their taxes for at least the year they graduated from school (assuming they made less than the $70,000 income-cap during that first partial tax-year). Please note, calls to this Service Desk are recorded.This is actually not the first time that a government student debt program with an income-cap (designed to restrict the program to lower-income debtors) has provided a loophole for certain high-income debtors as well. The Service Desk is available from 8:00am to 6:00pm Monday to Friday. This payment method is only applicable to this service.Ĭompanies House Direct Help Desk: 0845 7573991 We’re not able to take credit card payments over the telephone.įor payment queries, please email make additional payments, you can make a BACS transfer to:Īddress: Government Banking Cst Po Box 2027, Parklands De Havilland Way, Horwich, Bolton, BL6 4YU Contact centre lines are open between 8.30am to 6pm (Monday to Friday).Įmail us at and we’ll answer as soon as possible. Telephone enquiries can be made via 0303 1234 500.
For information: In the short term the closure of this service has been deferred.
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