I have a federal student loan that I haven’t been paying on.
My 2014 tax refund has been garnished. Is there any way to get this reversed. If I set up a payment schedule with the US Department of Education C/o Great Lakes Higher Education Guarantee Corp?
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If your tax refund was intercepted by the Department of the Treasury then you must be significantly behind on your student loan payments.
At this point you are going to have to enter a repayment plan with the Department of Education or even rehabilitate the loan so you can avoid this happening in the future. For more on these repayment programs, click here.
But let’s not overlook the most obvious way to avoid a tax refund intercept; don’t get a refund. If you adjust your withholding so you breakeven at the end of the year you will put more money in your pocket each month and avoid a future tax refund intercept.
But you will need to enter a repayment plan to deal with delinquent student loan or you may find your wages garnished or even sued by the United States of America.
If you have other debt that is holding you back from making your regular and full student loan payment, talk to a bankruptcy attorney, discharge the other consumer debt and get back to making your student loan payments as soon as possible.
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