I need help someone, My tax refund was taken to pay my student loan?
Monday, February 8th, 2010 at
6:47 pm
refund has not been deposited in the sallie mae account yet, how can I get it back??
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Unfortunately, there is nothing you can do at this point! In order for your tax refund to have been taken to pay your student loan, you must have been in default. Which you you were notified about at some point prior to filing your taxes. If there is still an outstanding balance on your student loan and you have not been garnished by the federal government to pay it back, then you can apply to Direct Loans for a consolidation. Once granted the consolidation, this will bring you out of default and you will be able to receive next year’s (2010) federal tax refund in 2011. The website to apply for a direct loan consolidation is http://www.direct.ed.gov.
When you apply for the loan consolidation it is best to apply for the "income contingent" repayment plan, because your payments will be based off the previous year’s "adjusted gross" income. My daughter had the same problem last year and they took her refund because she was in default. This year, I had her apply for the loan consolidation (because she had not been garnished) and she is now back in school and her previous loan is being paid monthly and out of default.
Chances are you cannot get it back. If you are in default on your Student Loan, these funds will eventually be applied to your outstanding loan amount. There is nothing you can do about it.
You can pay off the student loan in full. They will then send you the tax money.
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