While the details are still sketchy, persons earning less than $125,000 may be permitted to have their student loan interest forgiven. The press release mentioned household income. So, it is unclear what that means. However, if a child is not counted as a dependent on your return and files a separate return, and if they earn under $125,000 (for one year when they apply), they get their student loan forgiven up to $10,000 ($20,000 for Pell Grant recipients). So, once regulations are released, you might want to revisit this issue when you consider declaring that recent grad as a dependent. You know, the one who is lounging in your basement.