Stimulus and First Time Home Buyers Credit Payments Can Be Withheld to Pay Student Loans
The American Recovery and Reinvestment Act of 2009 provides stimulus payments of $250.00 to recipients of Social Security, Supplement Security Income, Railroad Retirement Benefits and Veterans Disability Compensation or Pensions. These payments can be withheld if you have a defaulted federal student loan. Other federal payments (such as First Time Home Buyers Credit) may also be subject to offset to collect on defaulted federal student loans. Ask your loan holder how to make payment arrangements to avoid offset.
The Department of Education and Federal Trade Commission Guide on Deceptive Student Loan Marketing
The Department of Education and Federal Trade Commission prepared a guide with advice to students, parents and others on how to spot deceptive marketing, tips on how to navigate the consolidation loan market, and information on how to file a complaint against a lender. Click here for a copy of the guide
Telephone Scholarship Scammers Claim To Be From USED
WUPW-TV Toledo (3/7, 10:25 p.m.) reported, "A warning going out for college-bound students and parents, don't get caught up in a scholarship scam. ... The US Department of Education says someone is trying to rip off students in need of scholarships. ... It's serious enough that University of Toledo police are posting a warning on their website. Someone is allegedly calling students and offering them scholarships, but police say it's all really a scam. ... Someone is calling college-bound kids and claiming to be from the US Department of Education. They offer up scholarships and grants, and say they need a bank or credit card number for a $249 dollar processing fee."
