Loans Debts And Students
Posts tagged Government Student Loans
My Student Loan is About to Go Into Default! Do I Need To Worry?
Jan 5th
There is a rapidly increasing number of defaulted student loans across the country. This article is devoted to explaining the government’s recourses against you and what you can do about the situation.
After 270 days, a student loan can be considered in default, if it is a monthly installment loan. If the student loan is paid by a different installment method, the student loan can be considered in default after 330 days. The recourses which the government can use to obtain repayment of the defaulted loan are numerous. Following is a list naming a few of these actions:
- Refunds you are counting on could be taken by the IRS and held until your student loan is completely paid off. A challenge to this action may be possible.
- Your wages could be garnished by the government. The government can take a percentage, up to fifteen percent (15%) in some cases, of your wages in order to repay the loan. Again, it may be possible to challenge this garnishment.
- It is also possible for the government to take federal benefit payments and apply them to your student loan balance. Social security payments are a form of federal benefit payment, though there are several more. Thankfully, the amount which may be taken for repayment of your student loan is limited.
- Although it is possible, legal action is probably the least likely action to be taken. It is noteworthy that there is no statute of limitations regarding student loans and the filing of a law suit. In other words, the government can file as soon or as late as they would like – even many years after you have forgotten about the student loan debt.
If you would like to get in touch with someone about your defaulted student loan to see what you can do to avoid these actions, you can reach out to the Student Loan Borrower Assistance office at www.studentloanborrowerassistance.org. This office can answer many questions regarding defaulted student loans and possibly guide you to a solution.
To obtain addiitional assistance, you can contact the Department of Education’s Ombudsman at (877) 557-2575. This department also has a web site, www.fsahelp.ed.gov. Make note that the Department of Education’s Ombudsman office cannot assist you unless you have already attempted to resolve this issue on your own.
It is never a good thing to default on your student loan. In addition to several recourses to obtain payment of the student loan, your default could be reported to the three credit reporting agencies which will immediately drop your credit score. If the government should decide to use a collection agency to obtain payment of your defaulted student loan, you will end up paying additional collection costs. Don’t allow this to happen! Try to negotiate a repayment plan so you don’t affect your credit history adversely.
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Learn About Online Student Loans With A New Resource
Nov 24th
When I graduated from high school, I felt I was on top of the world. As a result of my academic success, I had received a scholarship to one of the nation’s premier universities. I had already chosen the field I wanted to go into, veterinary medicine, and I was excited about college and about my studies. I left for university with big dreams and high hopes. Many choices still lay ahead of me, however, and I was not prepared for any of them.
I discovered that I wasn’t happy with my veterinary studies after only my first term in school. Being a veterinarian was just not what I had expected, and I became disenchanted with the idea that this was my chosen path. After I made this decision, I became a little depressed. I just was not studying as well as I should have, and my grades suffered as a result. By the time my first year was completed, I had barely earned average grades in several key classes.
I lost my university scholarship as a result. The following year, I planned to take business management classes with a professor I had grown to like. I sincerely believed that I should focus on business because it would provide me with the education I needed for the future; it was a much better subject for me to pursue. However, I now had to figure out how I would pay for my university tuition.
I drove home to my parents for summer break, and anxiously told them all about what had happened. I didn’t have any information about the different student loans that are available, and I didn’t have any clue how to look for them. At first, I thought my parents were going to be angry. Fortunately enough, they were not. In fact, my parents had great information to share with me.
My Dad had found a website called Online Student Loans Guide, and told me all about it. In every detail possible, loans for students are described on the website. From graduate student loans to government student loans, every school loan you can think of has been outlined for consumers. Online student loans have always been a mystery to me, but they no longer were after I read the extensive information that the Online Student Loans Guide provided me.
My parents and I researched the website further, and gathered information about the many choices of student loans that were available to me. We learned about payment terms, interest rates, and default penalties. Through the information on the website, we learned the difference between subsidized and non-subsidized student loans. Finally, after much consideration of the information read, we were able to decide which student loans made the most sense for me. None of us wanted me to graduate from university with terrible payment terms part of an onerous school loan. The Student Loans Guide made it possible for me to make the best choices for my future, from both an educational and a financial standpoint.
You can also make right decisions for your financial future when you drop by the Online Student Loans Guide.The information provided by the page makes student loans much less complicated and easy to comprehend.