Will my New Mexico Tax Rebate be applied to my defaulted Federal Student Loan?
Citizens in New Mexico will be receiving an additional tax rebate from the state if they filed their 2007 tax returns, here is the link to the website confirming this: www.tax.state.nm.us/rebate.htm My question is this: will my rebate be applied to my defaulted student loan? This happened with my 2007 federal tax return and stimulus check as well. Now, I DID receive my 2007 state return from New Mexico, as it was not applied to my loan. So, is it that only federal tax returns and rebates are applied to student loans or does it also apply to state returns and rebates as well? jjjjjjjjjjjjjjjjj You don't know the circumstances as to why my loan is defaulted, dont need the high and mighty responses, answer the damn question or go back to your miserable lives, hateful, insignificant detractors! Thanks for the responses, everyone. The hateful detractor comment was to the first 2 people that gave smart a$$ remarks instead of answers to the question.
United States - 2 Answers
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1 :
The way it is supposed to work, the student loan will get it. But frequently the IRS misses things like this. As one hateful, insignificant detractor to another.
2 :
In life things happen. A defaulted loan does not make you a bad person. It would be better, however, for you to take care of this before it becomes extremely problematic. This is the information I have found. I hope it helps. Quoted from website: It is extremely important to contact NM Student Loans before missing your first payment so that arrangements can be made before your loan becomes delinquent. If you don't make your payments, your loan may go into default. There are many options available to help meet the repayment obligation on your student loan. Some consequences of default may include, but aren't limited to, the following: You may have litigation brought against you. Your wages may be garnished. Part or all of your state and/or federal tax refund may be intercepted. Due to legal judgment, you may have a lien placed on present and future properties. You will lose eligibility for any additional federal student financial aid You will lose the cost saving benefits of the Advantage Program Deferment and forbearance will no longer be available to you. Your default will be rarrangementsall national credit bureaus and your credit will be affected for many years. I have heard horror stories from people I knew who defaulted on student loans and did not contact the Student Loan people to make payment arrangments. As you can tell from the NM Student Loan quote (listed above) there are long reaching and serious consequences. When you get a chance visit their website, default recovery, to check out your options. Good luck.
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