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References in periodicals archive ?
We also assume that he does not use a forbearance or deferment to postpone payments and that involuntary payments (such as wage garnishment and tax refund offsets) do not occur until the end of this period.
Lump-sum and periodic payments are voluntary, unlike payments made through wage garnishment or tax refund offsets. We estimate that about 12 percent of all dollars collected annually from borrowers making progress toward a hard exit from default come from voluntary payments, including voluntary payments under a settlement discussed later.
Like wage garnishment, tax refund offsets do not occur immediately upon default.
Tax refund offsets for federal student loans total $2.1 billion annually.
As shown in Figure 12, it would take about eight years to fully repay the $7,000 loan with tax refund offsets alone, since payments would be applied only once per year and interest accrues during this time.
Under the current system, a borrower with a $7,000 loan can have all of his collection costs waived under a settlement or pay as little as $9 in penalties if he chooses a rehabilitation, pay $102 if he has his loan involuntarily repaid through tax refund offsets, or pay over $2,000 if he clears his balance with periodic voluntary payments.
This fee should be set to cover the additional administrative costs of collecting loans through wage garnishment just as the same fees are currently calculated for the Treasury's tax refund offsets. We expect that these fees, while not insignificant, would be less than the current 20 percent per-payment fees assessed under wage garnishment.
The government should also maintain the current fees charged on tax refund offsets, as they are set to cover additional administrative costs.
(34.) This consists of $2,064 billion in tax refund offsets and $1,036 billion in payments through voluntary payments and wage garnishment.
By comparison, tax refund offsets exceeded $2 billion that fiscal year.