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Can an account be levied or judgment put on a bank account when the money in the account is from a direct federal student loan?
Wiki User
∙ 16y ago
The source of the asset really makes no difference. It is only in your accounting that it is student loan money....and there is nothing to say student loan money can't be used to pay off debts you have that aren't to the school is there?
Generally, once you take charge of the funds, (as in the loan), they lose their integrity as being any particular type/source of money. Especially if comingeled with other funds. (For example, they can't seize SS checks, but once you cash it...it's no longer protected...it's like any other money). Had you had the money paid directly to the school, they probably couldn't have touched it..even knowing it was an "asset" you had coming.
Wiki User
∙ 16y ago
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How does one go about obtaining a direct loan?
An individual(student) may obtain a direct loan by filling out an application and sending it to the Federal Student Aid(FSA).
Who can give you a federal student loan?
Federal student loans can be obtained through the federal government at the website entitled direct dot ed dot gov. You can apply directly online for aid.
Where can one consolidate their Federal Student Loans?
One can consolidate their Federal Student Loans from the following sources: Debt Free Direct, Consolidation Loan Centre, Student Aid, Loan Consolidation, Fin Aid.
How can you find more information about the student loans interest rate?
Information about the U.S. federal student loans interest rate can be found on the web. The best sites to seek this out are the government sites Student Aid and Direct Loans.
How can I get direct student loans?
Go to banks and they can show how to get direct student loans. Also consider searching the web for direct student loans, and ask trusted friends, colleagues, and family members about this direct student loans. good luck.
What company provides direct student loans?
There are only a few companies that provide direct student loans. You can go to a bank and get student loans from there, or you can get Federal Loans from your school.
What is the best federal student loan program?
There are many federal student loan programs to choose from. They include Federal Perkins Loan, Federal Direct Subsidized Loan, Federal Student PLUS Loan, etc. When it comes to deciding which is the best, it depends on one's circumstances.
How does one go about obtaining a direct loan?
An individual(student) may obtain a direct loan by filling out an application and sending it to the Federal Student Aid(FSA).
Who can give you a federal student loan?
Federal student loans can be obtained through the federal government at the website entitled direct dot ed dot gov. You can apply directly online for aid.
Where can one consolidate their Federal Student Loans?
One can consolidate their Federal Student Loans from the following sources: Debt Free Direct, Consolidation Loan Centre, Student Aid, Loan Consolidation, Fin Aid.
For Federal student aid what is a direct lending school?
A school that participates in the Direct Lending program. 80% of school participate in the FFELP instead.
What has the author Donald Conner written?
Donald Conner has written: 'Federal student loan programs data book, FY 94-96' -- subject(s): Federal Direct Student Loan Program (U.S.), Federal Family Education Loan Program, Government policy, Student aid, Student loan funds
Can your federal income tax refund be garnished because of a judgment?
It can be if the garnishment was by a government entity. If the garrnishment was by court order in favor a a private entity it cannot. CAVEAT: If the refund is direct-deposited into your bank account it has then been "converted" to your private funds and the garnishment can be made against assets contained in the bank account.
If you have direct deposit of your social security check can they take the money in your bank account if they have a judgment against you?
The judgment creditor can execute the judgment as a bank levy in which case, the bank must release the amount of funds stated in the court order regardless of how the funds are deposited in the account. The entire balance of an account can be seized if it is needed to pay the judgment order. The judgment debtor should take steps to protect funds within the account that might be considered exempt (Social Security benefits, disability benefits, monies that belong to an account holder who is not the judgment debtor, etc.)
What is a federal direct plus loan?
The Federal Direct Student Loan program is loan given to students in the United States. If you feel that you are in need of the perfect loan, then maybe this is the right one for you since it is a government loan.
What is the purpose of direct loan?
A direct loan is a student loan that is made to the student directly by the federal government, which then subsidizes the interest on the loan while the student is in school. A direct loan is not a consolidation loan, neither for student loans or for people who have general debt. Direct loans are made to those who are determined eligible based on need, which is determined by FAFSA (www.fafsa.ed.gov). Keep in mind that student loans, once consolidated, are no longer "student loans" and as such are no longer eligible for any of the benefits of a student loan.
Are direct loans a smart choice?
A direct loan is a student loan that is made to the student directly by the federal government. There is no secondary lender in the middle of the transaction. A direct loan is not a consolidation loan, neither for student loans or for people who have general debt. Direct loans are made to those who are determined eligible based on need, which is determined by FAFSA (www.fafsa.ed.gov). Keep in mind that student loans, once consolidated, are no longer "student loans" and as such are no longer eligible for any of the benefits of a student loan.
