Is Texas Guaranteed Student Loan Corp. (TG) considered a federal agency?
I defaulted on a student loan but I’ve been in a repayment program for the last four months. The representatives at TG tell me that I am no longer in default because I signed up with TG’s repayment program and also because I’m making timely payments and I that I will continue to stay out of default if I keep making the scheduled payments. I also questioned the TG representatives if TG would take my income tax refund (all the money from my refund) I was told no that they would not take any of my return. My questions, is TG considered a federal agency and do you reckon TG will garnish my tax refund? The reason I am asking is because I filed my income tax return and I am waiting for the check in the mail. I’ve been checking on the IRS website to check the status of my return. The “where’s my refund” site has clarified to me for the past two and a half weeks that my return will be mailed Feburary 26 (yesterday). So I have been checking the site everyday and just now the “where’s my refund” site posted this on my “refund status results” page… Please read the following in rank related to your tax situation: * Tax Topic 203, Failure to Pay Child Support, Federal Non-Tax and State Income Tax Obligations Please Note: Your refund may be reduced to pay a past due obligation such as child support, another federal agency debt, or state income tax. If this applies to you, the Financial Management Service, who issues IRS refunds, will send you a notice informing you of any offset they have made. The details of the debt are not provided to the IRS. Please do not call us to inquire about the details because we will not be able to answer your questions. Instead, direct any questions you have about the offset or debt to the agency identified on the notice. I don’t have any children (I’m a woman) and I live in Texas so that equals no state taxes. I called the number and was told that I had no debts owed. So I guess that’s excellent news.TG is not a federal agency. But, if the student loans were federally guaranteed, meaning that the federal government had to pay TG when you defaulted, then you now have a debt to the federal agency that paid TG.
Sounds like you have been offset. Call 800-304-3107 and see. This advice was prepared based on our appreciative of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
My wages are being garnished for a federal student loan. Will they take my tax return also?
I have not received a tax return for the last 5-6 yrs because the federal student loan I owe on has been getting it. Now my wages are being garnished as of this year. Will they continue to take my tax return even though I am presently being garnished? Can they double dip? My garnishment is GUARANTEED money. They already have one hand in my pockets. Can they have two?Yup. Then can even take your social security when you are older. /
You bet. And you can stop it, just pay off the loan. Until you do, stop complaining.
Even though they are garnishing your wages your tax return can still be offset.I would suggest calling the following number.1-800-304-3107.This number is the treasury offset program and they will be able to let you know rather or not it is going to be seized.
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Student Loans and the current Financial Crisis.?
With the current Financial Crisis and an nearly halt on lending. What are the chances that I would be denied for student loans? I’m not talking about Federal Grants that are guaranteed, but student loans from banks. Thanks.Jack: If you’re asking about private learning loans, then you’re certainly on to something – it is far more hard right now to get a private learning loan than it has been as small as 6 months or a year ago. Know what’s going on – a student loan is a high risk loan for any lender. Reckon about what they’re doing – they’re lending a large sum of money to an applicant that has neither the income to repay the loan, or the credit history to indicate that the loan is likely to be repaid. Any time a bank makes an learning loan, they’re gambling that the borrower is going to end school, get a decent job, and really pay the loan on time. That’s what you call a really unsecured loan, and that’s very risky. When you buy a house or a car, the bank takes a security interest in the thing you bought – it’s what they call collateral. If you don’t pay – the bank repossesses the house or the car, and they can sell them to recover at least part of what you owed. What can they do with your education? Come take your diploma away? Also remember – this is how the banks got into the huge financial mess – making risky loans to people who swore, up, down and sideways, that of course they would repay the loan. Lenders aren’t playing that game right now, so unless you have the kind of income that would allow you to really repay the loan – and a credit history that shows that you honor your financial obligations – you’re not going to find many (if any) banks that will lend you ten or twenty or fifty thousand dollars. This is the power of the federal guarantee – and it’s why banks will continue to make Stafford Loans. If you’re a lending risk, that becomes the government’s problem – the bank walks away with their money. Excellent luck to you – I hope that helped.
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{ 1 comment… read it below or add one }
Well it is a maybe yes or maybe no, because your federal refund is usually only offset if you are in default of a student loan, since your wages are being levied, maybe that makes it seem as you are not in default and your refund will not be offset.
But is might be a good thing to have the refund offset so you can get out of debt.
Good luck!
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