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Things you should know about Tax Refund Offset and Student Loans
The Government considers numerous factors before giving out a tax refund. The government can decline to give you a tax refund and use it as a tax refund offset. If you have defaulted on your student loan, you are more likely to have your tax refund withheld. You are advised to learn about tax refund offset and the actions to take. However, there are many actions to consider. This article presents a tax income offset and how one can prevent it.
There is an increase in student debt. This is why students find it challenging to make regular payments. If you find it challenging to pay a student loan, you should take action to prevent having your tax refund withheld. If you do not take action, your tax refund might be used to pay your past-due bills. When you have a loan, you should contact your lender to work out a solution. This works for student’s loans as well. You should explain your situation and see the assistance they can offer.
You also have an option to consolidate your student loans to Direct Loan Program. This option brings all your loans under one payer and makes your accounts current. Paying a loan can be quiet challenging, and that’s why you should consider exploring. This is a right decision due to the fact that you will pay off your loan with another loan that has a lower interest rate. It makes your loans current helping you make quick payments. This will help you get your tax refund.
You will receive a notice from your loan holders before your refunds are withheld. This means that you will have enough time to take action. If you repay all your debt, you should receive your entire refund back. If you receive a notice of a tax offset, you should consider requesting a review. The notice may be having some errors. The first thing to do before a review is hiring a lawyer. A lawyer will represent you and find another solution in case a review fails. Its important to ensure that the information with your holder is up-to-date.
You can avoid tax offset issues by considering how much student loans you are borrowing. Your attorney should determine if you have any debt and decide if you can fight the tax offset or not. If you missed your review, you should consider contacting your loan holder. Thus option helps you figure out the circumstances which you can have your money send to you. You will have to provide copies of checks and receipts of the payments made. You may also receive part of your tax refund if you provide proof that you are facing financial hardship.
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