My question involves collection proceedings in the State of: California
In 1990 at 18 years old I got a student loan for $2625 that I defaulted on and never paid. I was immature, etc., etc. Over the years I just wished it would go away. For years whenever I'd get a federal tax refund the IRS offset program would take it to pay back loan. Well over the years through IRS tax refund offsets I've paid back $3166. I've always ignored the various collections agencies that have hounded me for the last 25 years. I just recently got a notice from the Department of Education that they are going to garnish my wages if I don't pay back the loan. The only number they had on the notice was the original loan amount.
Anyway, my question is: Since the IRS has recouped $3166 through offsetting my tax refunds over the years on the original $2625 loan is there anyway to get the interest forgiven? I would like to just deal with the Department of Education and not a collection agency. The last collection agency notice I got said I owed $4500 and it's all interest and fees. The way I'd l'd love for the IRS to see it is that they got their money back plus 500 bucks and we could call it good. I have a baby on the way and an 18 year old going to college next year and a very small savings. Realistically, I just don't want to have to pay collection agency $4500 and be flat broke. Before I call Department of Education I'd love some free advice on how to negotiate and what my rights were to get the most favorable settlement.
Thanks!
In 1990 at 18 years old I got a student loan for $2625 that I defaulted on and never paid. I was immature, etc., etc. Over the years I just wished it would go away. For years whenever I'd get a federal tax refund the IRS offset program would take it to pay back loan. Well over the years through IRS tax refund offsets I've paid back $3166. I've always ignored the various collections agencies that have hounded me for the last 25 years. I just recently got a notice from the Department of Education that they are going to garnish my wages if I don't pay back the loan. The only number they had on the notice was the original loan amount.
Anyway, my question is: Since the IRS has recouped $3166 through offsetting my tax refunds over the years on the original $2625 loan is there anyway to get the interest forgiven? I would like to just deal with the Department of Education and not a collection agency. The last collection agency notice I got said I owed $4500 and it's all interest and fees. The way I'd l'd love for the IRS to see it is that they got their money back plus 500 bucks and we could call it good. I have a baby on the way and an 18 year old going to college next year and a very small savings. Realistically, I just don't want to have to pay collection agency $4500 and be flat broke. Before I call Department of Education I'd love some free advice on how to negotiate and what my rights were to get the most favorable settlement.
Thanks!
Settling a Debt: 25 Year Old Defaulted Student Loan $2625 IRS Offset $3166 Over Years
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