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Consolidate Defaulted Student Loans
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Katrina Said:Defaulted student loan in collections, will they take away my tax refund if i consolidate now?
We Answered:They have thrown you an olive branch. They want you to "set up a repayment plan with them". They do not want to bury you. They just want you to set up a plan to address your debts. They want you to be able to survive so that you can pay off the loan and still move your life forward. You will probably have to give them some of your tax refund but that is better than having them take it all. You need to make up a viable budget. That is one where you spend less than you earn. That will allow you to pay off your debts and then you can build up the other facets your personal finances.
Maureen Said:My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund?
no i think it cannot stop it
even tough if you made regular payments form then and i hope your refund will not be taken
hope it helps you
Leonard Said:If I file bankruptcy and have defaulted student loans on my credit, will the defaulted loan stay on there?
We Answered:I do not think so but the new bankruptcy laws make you pay some back
Melanie Said:Question about consolidation of defaulted student loans...?
We Answered:Usually you have to make 6 on time payments before they will clear your default completely.
You can go to NSLDS.ed.gov and you will be able to view your loan history. Right now your loans will show as in a default status, once that default status is removed, you will then be able to apply for fin. aid. Or as soon as you receive a letter from the Dept. of Ed (not a lender or servicer) but directly from the Dept. of Ed. you can then apply for federal aid again.
Keep good records of all your paperwork relating to the clearing of your default, as you most likely will be required to turn this paperwork into the financial aid office at the school you want to attend.
Anita Said:my paycheck is being garnished for defaulted student loans?
We Answered:It is Simple. Don't get mad, stuff happens.
1) Contact your payroll administrator. They may not be legally allowed to stop the deductions before they get notification from the paid off loan company, but they can rush it through as soon as it arrives.
2) Your payroll administrator may have already made the change in the computer system, but the software (or the person who entered it) messed up and for some reason it won't stop taking the deduction. The payroll admin. may have been too busy to notice that the change didn't process. (We have been having a similar problem with ADP lately, we've got a twice a month deduction for 1 employee, we used to be able to click on "inactive" on the off weeks, but that doesn't work any more, we have to click on something else.) Tell them your problem when you get to work, they will have to call the payroll company to stop the sending of this week's deduction to the loan company and also to correct the problem.
3) If the loan companies have not notified your employer yet, then politely call the loan company (you catch more flies with sugar than you do with vinegar). If the normal route/menu doesn't help you, be persistent. If you have to, speak with the loan company's telephone operator, she/he can connect you with the person that has the power to correct the problem, the brains to do it right and the caring attitude to get the job done post-haste. If you sound angry then you can end up on a wild goose chase. Make sure that you have a fax number and email address that can reach your payroll administrator, just in case the loan company is willing to fax/email the notice (of course followed up with a paper original in the mail).
4) Your paid off loan company will reimburse you for all of the excess money that they have received, it may take a while OR the first check may already be in the mail.
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