Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

Student loan repayment (Great Lakes) interest?

The last post in this topic was posted 1271 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I'm going over my daughters "repayment" of her student loans currently with Great Lakes. I have zero knowledge on student loans so forgive me.

 

I'm seeing this: Subsidized interest @ 3.150% and Unsubsidized @ 6.550%, accrued interest $219!

 

Is it commonplace to be charged interest on student loans? I'm sorry but paying interest on a federal student loan just seems utterly ridiculous which prompted me to come here and seek answers.

 

Also, her state refund was garnished by "AG DELINQUENT STUDENT LOANS", Garnishment-Department of Justice (she's in Louisiana). How can the state hold money and not the IRS (she received her full Federal refund)? The school she obtained these loans is in Lowsyana but that account has been at 0 since 2016. I am going to do up a letter to send them, at the very least, to find out what the garnishment in Lowsyana is for.

 

**also, is it common to garnish taxes of any kind if you're in a payment program, which she's been in for about a year.

 

Any help will be appreciated.

Edited by OmniCamaro

Share this post


Link to post
Share on other sites

Yes Federal loans can and do accrue interest. Its all laid out in the loan docs. I would read them as well as for what LA can do. Hopefully,one of the experts comes by here soon and can help you more.

Share this post


Link to post
Share on other sites

For them to be garnishing wages, it sounds like she defaulted somewhere along the way. Does she have any student loans tied directly to any state programs? Meaning she received some type of loan from the state?

 

I'm not sure why interest on student loans would surprise you so much?

Share this post


Link to post
Share on other sites

Yes Federal loans can and do accrue interest. Its all laid out in the loan docs. I would read them as well as for what LA can do. Hopefully,one of the experts comes by here soon and can help you more.

If I (she) had all the documents I probably wouldn't even be here, lol. Kids, gotta love em', I guess.

 

 

Sent from my iPad using Tapatalk

Share this post


Link to post
Share on other sites

For them to be garnishing wages, it sounds like she defaulted somewhere along the way. Does she have any student loans tied directly to any state programs? Meaning she received some type of loan from the state?

 

I'm not sure why interest on student loans would surprise you so much?

Oh yeah, she didn't pay them like she should have. No doubt there. Her state "debt" has been paid for over a year, hence the question.

I've never dealt with a student loan in my life, no idea what's normal.

 

 

Sent from my iPad using Tapatalk

Share this post


Link to post
Share on other sites

Subsidized loans have the interest forgiven when they are in deferment. Unsubsidized loans accrue interest when they are in deferment.

 

In order to have a refund garnished, you have to be in default status for quite some time. The Federal return is not far behind if she doesn't get this straightened out.

Share this post


Link to post
Share on other sites

Subsidized loans have the interest forgiven when they are in deferment. Unsubsidized loans accrue interest when they are in deferment.

 

In order to have a refund garnished, you have to be in default status for quite some time. The Federal return is not far behind if she doesn't get this straightened out.

OK more to update this. Sorry for not putting everything out there to begin with. She's had her federal taxes taken in the past. The plan she's on is to prevent garnishment and taking tax refunds, or so she thought. She has already received her full federal refund for 2016. I'm going to send the folks in the state a letter asking what's going on, in her name of course.

 

 

Sent from my iPad using Tapatalk

Edited by OmniCamaro

Share this post


Link to post
Share on other sites

Might be time for your daughter to step up and get this straightened out on her own. They're her loans. Her money. Her credit. Her future.

Share this post


Link to post
Share on other sites

Might be time for your daughter to step up and get this straightened out on her own. They're her loans. Her money. Her credit. Her future.

She's paying the bill. That grown up enough for you?

 

 

Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

 

Subsidized loans have the interest forgiven when they are in deferment. Unsubsidized loans accrue interest when they are in deferment.

 

In order to have a refund garnished, you have to be in default status for quite some time. The Federal return is not far behind if she doesn't get this straightened out.

OK more to update this. Sorry for not putting everything out there to begin with. She's had her federal taxes taken in the past. The plan she's on is to prevent garnishment and taking tax refunds, or so she thought. She has already received her full federal refund for 2016. I'm going to send the folks in the state a letter asking what's going on, in her name of course.

 

 

Sent from my iPad using Tapatalk

 

has she adjusted her W4 to have as little withheld as possible?

Share this post


Link to post
Share on other sites

 

 

Subsidized loans have the interest forgiven when they are in deferment. Unsubsidized loans accrue interest when they are in deferment.

 

In order to have a refund garnished, you have to be in default status for quite some time. The Federal return is not far behind if she doesn't get this straightened out.

OK more to update this. Sorry for not putting everything out there to begin with. She's had her federal taxes taken in the past. The plan she's on is to prevent garnishment and taking tax refunds, or so she thought. She has already received her full federal refund for 2016. I'm going to send the folks in the state a letter asking what's going on, in her name of course.

 

 

Sent from my iPad using Tapatalk

 

has she adjusted her W4 to have as little withheld as possible?

 

Good idea!

We'll see what the state says about the debt and go from there.

Share this post


Link to post
Share on other sites

Might be time for your daughter to step up and get this straightened out on her own. They're her loans. Her money. Her credit. Her future.

Why even post in this thread if you don't have any inclination to help? You have no idea of the situation and I don't want/need to air out my entire life here. Just looking for some advice/help in an area I know nothing about.

She's working full time and not on any guberment assistance. You obviously don't have any children you care about.

Share this post


Link to post
Share on other sites

 

 

 

Subsidized loans have the interest forgiven when they are in deferment. Unsubsidized loans accrue interest when they are in deferment.

 

In order to have a refund garnished, you have to be in default status for quite some time. The Federal return is not far behind if she doesn't get this straightened out.

OK more to update this. Sorry for not putting everything out there to begin with. She's had her federal taxes taken in the past. The plan she's on is to prevent garnishment and taking tax refunds, or so she thought. She has already received her full federal refund for 2016. I'm going to send the folks in the state a letter asking what's going on, in her name of course.

 

 

Sent from my iPad using Tapatalk

 

has she adjusted her W4 to have as little withheld as possible?

 

Good idea!

We'll see what the state says about the debt and go from there.

 

of course adjusting the W4 doesn't solve the problem with the account but it will help lessen the impact of tax "refunds" being thefted.

Share this post


Link to post
Share on other sites

 

Might be time for your daughter to step up and get this straightened out on her own. They're her loans. Her money. Her credit. Her future.

She's paying the bill. That grown up enough for you?

 

 

Sent from my iPhone using Tapatalk

 

If you want to manage your daughter's finances and credit, go for it.

Share this post


Link to post
Share on other sites

Your daughter should be writing her own letters....it is her credit. She gotta learn sometime.

 

She may also want to log into NSLDS to check who she owes. She could have owed on institution loan....they definately will attach state loans if she attended a public school or got a perkns loan.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 1271 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Member Statistics

    • Total Members
      179,465
    • Most Online
      2,046

    Newest Member
    Dawan
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines