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Student Loan In Default

Kim Said:

My son is in default for student loan, how will this affect Stimulas Check?

We Answered:

If he is entitled to a stimulus plan rebate, it will be applied to his debt. Make sure that he files a 2007 tax return if he had at least $3,000 in SSDI benefits paid, even if the entire amount was taken to pay against the loan balance.

It will not affect any rebate that YOU might be entitled to unless you were a guarantor on the loan and they're trying to collect from you as well.

Jessie Said:

If you are in student loan default with wage garnishment do you still get the economic stimulus checks?

We Answered:

They will, until you are out of default, any refunds due to you by the government are automatically withheld from you and applied to the amount due.

Jean Said:

Will filing bankruptcy prevent my tax refund from being taken because of a default student loan?

We Answered:

No. Student loans are exempt from bankrupcy laws. They may be discharged if/when it becomes apparent the borrower is unable to repay. BUT...the discharged amount is credited as earned income, and you become responsible for paying tax on it.

My husband's student loan has been sucking up our tax refund the past 4 years. Since MY income is the only income in the home during that time, I filed an "injured spouse" form with my returns and I was able to get the refund in full. BUT...you have to live in a state where that will apply. The only way to keep the gov't from having their hand in your pocket, is to keep the $$ from going to them in the first place. Increase your deductibles so you don't have as much taken out of your check.

Bobby Said:

trying to get grant have student loan in default from years ago trying to pay loan off to be able to get my g?

We Answered:

education.mypressonline.com - it provides some tips about applying to US federal and state grants for college students.

Juan Said:

Tax question regarding default student loan and joint return?

We Answered:

If you file a joint return, they'll take it unless he files an injured spouse form. If he files that then they'll only take the part of the refund that is from your income and withholding, not his.

Ricky Said:

Will student loan default play a major role in the next economic downturn?

We Answered:

Education is a part of the reason why finding a job is so difficult. Too much education, that is.

Think about it. It used to be back in the day any high school drop out could find work doing *something*, anything. Nowadays you cant find a job scrubbing toilets unless you have a bachelors degree... because the job market is so competitive now.

I would say that me, personally, havent retained more than 80% of the material I learned at school. But Im a special case, I actually care more about my education than I do having a degree to flaunt. Most people probably retain less than a quarter of what they "learned".

On top of that, 99% of the curriculum associated with a degree doesnt even pertain to the jobs that require the degree in question.

And after graduation, there is no quality control. You can dump every iota of information and still, you are allowed to keep your degree.

Experience and skill is put on the back burner in place of degrees. Even among those with the degree, they vie with one another for which school they attended. WTF is that? God forbid two people did graduate from the same school... then they'd just compare GPA to a hundredth of a point. Or IQ tests, or Mensa scores. Yep, I got the same education as you, at one-tenth the cost from a community college, I also perform better, have experience, etc... while you have student loans you'll never be able to pay attending Harvard. Which one of us more intelligent, again? Cost effectiveness, better business decisions... ought to play some roll in job eligibility, shouldnt it?

I think degrees should be revoked. I think high school diplomas should be revoked. From anyone at any time when they cannot demonstrate sufficient knowledge to re-pass their finals if they took them right now.

The problem, I think, is that our academic standards are so freaking low... and on the professional playing field, academics is just a point on a score card.

Like I said, you cant find a work in this economy (even when its strong) unless you are over educated and over qualified (at least on paper). In such a bad economy as we currently have, we literally see Bachelors degree holders scrubbing toilets for income. Obviously they are more qualified than the lowly associates holder, or high school diploma holder. Obviously.

We have a cause-effect dilemma here. Should we necessarily assume that the unemployed are undereducated? And that having a better education will help them find work? In my opinion its the other way around. Its the employed who are grossly over-educated, making employ impossible for anyone who sufficiently trainable.

In part the problem is capitalism. People believe that having an education, or having graduated, rather, makes them more entitled to better jobs, better pay. They go through the academic motions for all the wrong reasons, they dont care about education. The demand for schooling is so ever emphasized in our society, in our economy, that the entire point of it has been corrupted and deluded into nothing.

Now we are left in a society where the rich get richer and get more educated. The poor cant afford an education at all... because, like your right to medical care, education is nothing more than a commodity to be bought and sold. And no one needs the education, no one truly wants the education. They just want to beat out the better competitor with a better image.

Im all for improving academic standards and making every last one of us geniuses. But I dont think finding work should be the basis of wanting an education. And I dont think having education should imply a greater eligibility except in those things you excell at... and the implication there is that you must have passion enough to truly learn, remember, and keep up on those studies.

Pretty idealistic? Many of our societies problems I think would be relatively easy to fix, save for the lack of professional, employ and academic ethics that run rampant in our society.

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