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Whilst a private lender doesn't have the right to offset your tax refund as a result of your unpaid student loans, the federal government does. If you have federal student loans on default, the U.S. Department of Education will tell the Internal Income Service, which will later withhold your tax kickbacks and submit them as expense on your defaulted student loans. If losing your expected tax refund locations you in any considerable financial bind, even so, you can appeal the tax offset, stop the garnishment and recover your withheld refund.

Difficulty: Reasonable

Directions

Hardship documentation

2 Compile the paperwork the guaranty agency requested. Illustrations of documents the agency may need include recent income tax forms, your most fresh pay stubs, evidence of unemployment or copies regarding each regarding your monthly bills.

3 Make apparent copies regarding each report.

5 Mail the letter explaining your financial hardship, along with the copies of your financial documentation, to the guaranty agency. The agency will then review your circumstance plus notify you about the results via mail. If the agency determines your financial condition merits a deduction regarding the withheld taxes, you will receive any check for the withheld amount.

Tips & Warnings

If you complete not know who your guaranty agency is or have any other issues with regard to the tax offset, contact the Treasury Division on 1-800-304-3107 The time frame to your case review can vary depending on which guaranty agency insured your credit and its case load.

References

Cornell University: Effect of Defaulted Student Loans on Return to Work Efforts (p.6) U.S. Department of Education: Tax Offset and Wage Garnishment

Resources

U.S. Division of Education: Nationwide Student Loan Data System FinAid: Defaulting on Student Loans

Picture Credit Tim Teebken/Photodisc/Getty Images ;

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