can the IRS or federal government (student loans) garnish a 401k or Roth IRA i am contributing to?
I lost a business years back which caused me to default on student loans, i owe the IRS, and a federal return as a result of the business loss, can my 401 be garnished or attached?You can agree to let the IRS take your retirement money. But, if you do, you will owe income tax (but not penalty) on the money. Note, when the IRS levies retirement accounts, it’s because all other collection activities have failed. The IRS is nice enough to make these the last choice, but will levy if you won’t pay.
No… Your 401K and Roth IRA are safe from garnishments as long as you don’t liquidate them yourself.
Federal or other Government Student Loans?
Ive been going to different colleges and vocational schools here and there for the past 20 years and have incurred several student loans during the period. I have also deferred here and there so now I lost track on how much I owe for each school, especially the older schools. I’ve lost all my student loan documents since we went several times and cannot find them. Does the Federal Student Loan Dept or other government student loan lenders maintain records of what school, the dates, the classes and the amount borrowed for each of those schools so you know what these loans are for and for who ?? I just need to know if they were all legitimate charges because I remember on certain college classes I withdraw.from it and some schools closed so there’s no way to contact them. Also since I lost my records, I need to get a substitution recordsHere’s where the records are: The National Student Loan Data System at http://www.nslds.ed.gov/nslds_SA/ “The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a federal, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.”
Federal government taking over student loans?
So, with the health care reform bill the federal government shifted the power of the banks low-interest loaning for students from the bank’s choice to the federal government’s. Isn’t banking a uhh… industry? Is the government allowed to take away their right to give out these “low-interest loans” for students? The last time something like this happened I could have sworn President Truman got hammered by the Supreme Court. Basically, isn’t this unauthorized? And why the heck is it hidden under the health care reform bill?It is all about scheming every aspect of your life and about redistribution of wealth. Minorities will be getting preferred status loans. Eventually the government will be deciding what occupations the student will enter if he is going to get a loan and where he will go to college.
The student loans in question are already backed by the federal government. For some reason, Republicans had insisted on letting the banks act as middlemen to cut out a huge profit despite not taking any risk and not adding any value to the equation. That’s not a bank; that’s bank robbery. The President’s proposal will not change the nature of the loans and will save taxpayers $ 68B in the next few years. NEXT!
Banks can still do student loans. They just can’t do it on Uncle Sam’s dime any more. If the government running student loans is unauthorized, then the government subsidizing them was also unauthorized.
More Federal Government Student Loans
Links
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Search terms:
- irs take my pell grants
- can irs garnish student loans
- can the government seize 401 k for student loan
- can the state take my 401k if i owe them money?
- my vocational school closed do i owe the loans?
- can irs levy against 401k owe state school
- cant govt garnish roth ira
- default on a school loan 401k retirement garnish
- do the sudent loans have access to the irs records
- can you get government grants if you owe irs
{ 4 comments… read them below or add one }
This is wrong, your right. So is the government take over or control grab of healthcare, auto industry, wall street, banking, mortgages, and so on. On Obama’s to do list-gun control, NCAA athletics controls, cell phone company regulation, internet control, and so on. Our government is running wild. We need to let them know, call them, if they don’t listen then vote them out asap!!! Great question.
The reality is that the banks have been receiving about 6-8 billion per year to administer these loans for the government. As this ” administration” actually equates to bank execs having more cash for their overinflated bonuses, and doing very little else, the government has decided it can administer for itself and save that money to beef up the PELL grant funds and provide for more students.
It’s always been called the “Federal Student Load Program”. Because it is. They’re just tired of banks profiteering from it. ∠°)
The federal government has gone from a small entity with important but limited responsibilities as defined by the founding fathers to a huge, bloated, always growing, often corrupt inefficient entity that is systematically taking away our individual and states rights.
Does anyone really believe the federal government can be more efficient that the private sector doing anything, including administering student loans?. This is a strategic opportunistic grab by the so-called progressives to establish a direct relationship with these students who will now be dependent upon the federal government. My guess is they think these student will feel beholding to the liberals/progessives, and plan to use the connection to influence these students over time.
If this is change we can believe in, call me a nonbeliever.
We need to systematically, beginning in November, take our control back and elect fiscally responsible candidates who believe their job is to represent us…not their party or ideology.
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