Settlements w/ write off's

From: Cynthia W. Wells (cwwells@colby.edu)
Date: Mon Jan 06 2003 - 17:40:54 EST

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    Speaking of settlements and potential balances to write off, does anyone
    issue a 1099C Cancellation of Debt when writing off the remaining balance,
    or any balance for that matter? The instructions to the form seem to read
    that only financial institutions need to file this form. Clearly, the
    student account balance isn't a loan but I'm wondering if we have any
    reporting obligation when we agree to walk away from a s/a balance and deem
    it never to be collected.

    Thanks for your expertise.

    Cindy Wells
    Dir. Student Financial Services
    Colby College
    Waterville, ME

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