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I'm tardy with a student loan: Can the feds take my tax refund?

If you're presently challenged by a number of financial impingements on your life, you're hardly alone in your daily difficulties to stay one step ahead of creditors and on top of the recurring bills that regularly visit your mailbox.

For cash-strapped individuals who find solace in numbers, it might be comforting to know that other Floridians, along with many millions of residents in other states across the country, are similarly chafing under undue financial pressures.

Any reasonable person wishes the best, of course, for all individuals and families trying to dig out from seemingly insuperable debt levels.

And any reasonable person knows that the sources of spiraling debt are myriad, ranging from high house payments and medical bills to auto loans and credit card exactions.

And, in millions of instance, student loans.

A quickly posed question on those: Did you know that tax refunds can be intercepted by federal authorities and applied to student loan payments in arrears in some instances?

As noted in a recent article on the link between tax refunds and student loans in default, that outcome can be unexpectedly realized by former students who are at least 270 days tardy on loan repayments. That formally drops them into default status, which is the prerequisite triggering seizure by the U.S. Department of Education.

That is obviously a sad and onerous outcome for individuals who are already suffering from adversely high debt levels.

Student loan obligations might not be easily discharged in a bankruptcy, but many other types of debt can be erased. When they are, a debtor's overall financial position can be vastly improved.

And that, in turn, can make staying timely on student loans an easier prospect.

A proven debt-relief attorney can answer questions and supply further information.

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