President Barack Obama needs to step in fast on the Student Loan "front" - otherwise - thousands of disabled and low-income citizens may find themselves homeless after their "benefits" are seized by the IRS and US Treasury Department.
According to my sources, the ECMC has swung into action and are currently engaged in a bold-faced effort to collect on delinquent student loans.
For example, debtors have received threatening letters warning that if they do not repay outstanding delinquent loans that the debt will be referred to the Dept. of Education (ED) for collection offset against a Federal Tax Refund and other Federal payments individuals may be entitled to receive in 2012 - 2013.
In a nutshell?
The IRS and the U.S. Treasury may seize an individuals monthly Social Security benefits and/or any Supplemental Income they receive.
To avoid ECMC certifying the debt to ED and the Dept. of Treasury for seizure of benefits, individuals have been urged to establish and maintain a repayment agreement with ECMC Internal Collections at their service number at 800.367.1589.
For some Americans, who can barely pay their rent or feed themselves daily on their meager budgets, it is a devastating turn-of-events causing some great distress, deep depression, and even suicidal thoughts.
"My loan was supposed to be deferred until my finances improved," one borrower lamented.
At the direction of the ECMC, the individual contacted the Dept. of Education and got the run-around.
"The loan officer told me it was too late for a deferrment," the individual added in disgust!
Disabled borrowers are having a difficult time, too.
They've been advised that if they wish to avoid a lien or seizure on their low monthly benefits that they must obtain a Doctor's letter declaring them totally and permanently disabled.
But, get this, if they don't read the fine print they may be SOL down-the-road.
According to the documentation, anyone who secures a waiver will be barred from receiving a Student Loan ever again in the future.
Sounds like the situation is dismal, doesn't it?
Barack Obama where are you in their hour of need?
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