Mike, a single taxpayer, has $10,000 of student loans forgiven in 2022 under a federal student loan forgiveness program. His total student loan balance was $34,000. His 2022 AGI is $55,000. How much cancellation of debt income will Mike need to recognize in 2022?

a. $0

b. $10,000

c. $5,000

d. $24,000