After representing student loan borrowers for the last few years I have come to realize that the most important aspect of obtaining some type of student loan debt resolution is getting the issue in front of someone who can communicate with you.
According to The Consumer Financial Protection Bureau, there are 8 million student loan borrowers in default.* If you are one of those, you may be asking yourself , How did I get here?
My experience with working with those clients who have student loans has shown me that student loan default could have been avoided had their servicers been forthright with the information they needed to prevent default, and options for student loan default resolution. In the majority of cases that I have seen, the services play hide and seek with vital information, leaving the student loan borrower confused.
There can be nothing worse for a student than to have the whole school close down from underneath you, leaving you lost, dazed and confused. Such is the most recent case of the Corinthian Colleges, Inc. owned "for profit" schools. Everest, Wyotec, and Heald College System. In California alone, it is said that over 16,000 students were sent home.
What a catastrophe!
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income, the sale of an asset, a fiscal year-end or an inheritance.
A tax liability is a legal claim on assets. Should an entity default on paying its taxes, the governing authority may foreclose on the delinquent account, or take out a lien or encumbrance on an asset.
In a few instinces, an agency can ask the IRS to intercept (take) your tax reimbursement and use the cash to your financial obligation.
Tax refund intercepts are allowed in these situations: