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Student Loan Repayment

Started by jojohottie, October 26, 2015, 03:35:19 pm

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October 26, 2015, 03:35:19 pm Last Edit: October 26, 2015, 03:49:03 pm by jojohottie
I wanted to apply for IBR repayment but I am in default. I have been in default for 20 years. I have a family of 5 with income 20000 a year.

I now have an offset on my tax return. I came across a web site "student debt relief" that offers services on student debt. They told me they could get me on the IBR program and have the offset removed.

My questions are 1) is that possible?

Is it too late to get on IBR repayment sense I am in default and I have an offset on my taxes?

2) could I do that myself at studentloans.gov

3) I have not filed my taxes because of the offset but it seems like I will need a tax return to apply for IBR, Will my W2 work because if I file to prove my income Than I will lose my tax return.

4) rehabilitate loan? Would this by my next step first before I can get on IBR? If I sign up for this would this lift the offset on my taxes? could I sign up for this at studentloans.gov? My fear with this is I will not be able to pay on the loan for a given time if it is too high and I am guessing my now my monthly note could be ridiculous!

Is their any hope for me to be able to fix this without losing my Taxes? the web site studentdebtrelief promises for 500.00 they can get the offset lifted and get me on IBR repayment.
I dont want to pay for services that are not possible and they know I am desperate.


Sounds like you're in a tough situation. You're not going to like my answers, but you need to follow these steps if you want to get out of this debt. And you don't need to pay someone $500 to do it for you, just so you wind up in the same situation minus $500.

1. Yes! It's possible to rehabilitate your loans and get on IBR.

2. Yes, you can do it yourself. Step 1 is to rehabilitate your loans by following these instructions: https://thecollegeinvestor.com/15577/how-to-get-your-student-loans-out-of-default-with-rehabilitation/

** With rehabilitation you can't get back anything you lost in tax offsets, so it's always better to do this sooner, rather than later.

3. You will have to file your taxes. You will lose your refund to the offset. But it's better if you do this now, get it over with, and move on, than to keep having this happen year after year and you potentially getting into more trouble for not filing your taxes.

4. If you rehabilitate, the offset will go away. You sign up for it here and follow the directions above: https://www.myeddebt.com/

Don't worry so much about your tax offset. You owe the money, it just sucks it can't go to the loan versus the collection. But move past it and get the debt gone once and for all.


Ty for replying!

I am going to follow your advice!

Where do i go to sign up for loan rehabilitation?

I have been to studenloans.gov and I see where I can apply for IBR but I do not see anywhere to sign up for rehabilitation!

Could you please direct me on where to go and how to start the process?


October 27, 2015, 08:15:49 pm #3 Last Edit: April 22, 2018, 10:12:46 am by TheCollegeInvestor
On the MyEDDebt site you go to the borrower login page and setup an account: https://www.myeddebt.ed.gov

Follow the steps there.