Defaulted Sallie Mae loan-Tax Refund
Hello. I received a student loan thru Sallie mae about 10 years ago and i recently defaulted on this loan. I only owe about $1500 and I received a letter saying they were going to garnish my wages. I am out of work right now and so they told me they are going to take my Tax Refund, Will they take the whole amount ( i usually get about $3000-$4000) or only what i owe? Will i still receive the remainder? I wouldnt mind if they do this as it would finally pay off my loans.
If they do take my refund to pay for this defaulted loan? How soon can i get another loan, I want to go back to school.
They will take your refund
They will take your refund and it will delay the rest of the return being refunded to you. Keep in mind that interest is accruing daily and you will have collection fees tacked on it (approx 24%) which could increase the balance.
My advise is to efile early...so not pay for any rapid refund service.
Yes you will be able to return to school with loans.
