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I'm sure eventually it would be deducted from some kind of check, not necessarily your income tax check.
Better Answer:
yes, if your loans are in default then you will be listed on the Tax offset list. Once on the list, your tax refund will be kept by the Guarantee agency until the loan is paid off or until the loans are out of default.
In the USA, if your Federal Student Loans are in default, then your original lender was paid 97% of your loan value by a Federal Guarantee Agency. Guarantee Agencies are basically insurance companies. When your lender was paid off, the Guarantee Agency took ownership of your loans. Guarantee Agencies have the right by law to keep any Federal Income Tax return money that is owed to you. They also have the right to garnish any wages and to garnish Social Security benefits. If you need help getting out of default and getting off of the tax offset list, click on my profile, StudentLoaner, below.
Better Answer: Yes, they can tax offset. However make sure that you change your W-4 with-holding to take the least amount possible. You want to OWE money for taxes, not get a huge refund. This keeps some of the money away from the student loan collectors.
As far as Social Security they can garnish 15%, but must leave you with at least $750 a month.
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoYes, if the feds were involved with the loan.
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Can a first-year college student take out housing loans?
A first year student can take out a federal housing loan if you are a legal adult in your region, and you generate enough income for your loan to be approved. If you do not have enough income, you may need a co-signer. If you are not legally an adult, someone would have to take the loan out for you.
Can a student Loan take money when your social security disability check under 750?
Can a student Loan garnish money, From your social security disability check when it is under $750.00
Can social security take your check if you are a co-signer on a student loan?
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
If I'm currently being garnished by student loan company can they also take my income tax refund?
If it is a govet' insured or guaranteed loan, yes.
How long will it take to pay off the interest on my student loans?
Go to the website or place that you found your student loan and ask for the interest and they will be able to calculate how long it will take with your current income.
Can the IRS take your income tax if your student loan is on deferment because you are a student?
If they have is listed as in default, they will take it and apply it to catch up your loan payments. I had a couple of people this year who said theirs was on deferment but they still took the refund, then others they didn't.
Do you get the option of taking a loan through student bundle package?
Yes, if you have a student bundle package you can take a personal and an auto loan. It is applicable for graduating students. However, you must check the rules with your bank.
Do you get a 1099 if you take out a loan on a life insurance policy?
No. It is a loan, not income.
Can you co sign a student loan with bad credit?
In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal loans, grants, and scholarships. Private student loans have high interest rates and no benefits.
Can they take income tax check if get repossession in Arizona?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
Who should get a debt consolidation loan?
Federal Student Loan Consolidation Program means combine all loan into a single pay. :Loan consolidation is the best for the student who not able to pay your fees. If any student want to continue their study and they want to take admission in top college for higher education but good college take high fee. But some time all student unable to pay your college fee then they take student loan. But after completion of education they are facing problem with pay your student loan then they require loan forgiveness or consolidation. Federal student loan consolidation is the best option to pay your all loan into single pay
Are you supossed to cash the money from your student loan check?
No you put it in the bank and wait til you need it for college and slowly take out for college stuff
