/24-7PressRelease/ - NORTH CHARLESTON, SC, November 01, 2007 - Student loan debt can add up quickly. And when it does, there are federal programs available to help.
James Tweddell of Springfield, IL, owed nearly $20,000 in student loans, and he couldn't afford the monthly payments that were being demanded of him. That's when Tweddell came to JK Harris and Company for help. The North Charleston-based company is the nation's largest tax resolution firm but also handles student loan issues.
Because he was in default of his student loans, the issues that faced Tweddell were high monthly payments he could not afford and the threat of a wage garnishment by the Illinois Student Assistance Commission (ISAC). JK Harris helped him with both. His student loans were consolidated through Direct Loan Servicing, a Federal Student Loan servicing company, to one monthly payment of $135 instead of $300. And with that, the wage garnishment was prevented as well.
The task was not an easy one, however. It wasn't until JK Harris contacted the U.S. Department of Ombudsman that ISAC stopped all forced collection. At that time, ISAC allowed the necessary time needed to have the consolidation with Direct Loans completed.
"My experience due to the circumstance was beyond my expectation," Tweddell said. "ISAC, at first, objected to JK Harris' legitimate assistance on my behalf."
The consolidation of the loans also gave Tweddell opportunities for forbearance in the future. A forbearance is like a temporary stay of collections where the creditor agrees not to enforce collection activity for a specified period of time while the person makes smaller payments and sometimes no payments at all.
"The resulting agreement with Direct Loans put my loan consolidation in an income contingency payback program, which put me in control of my financial responsibility to the federal government loan program again," Tweddell said.
The consolidation will also allow Tweddell to receive future tax refunds by having him decertified from the Treasury Offset Program. This program allows the IRS to keep any tax refunds due to the taxpayer and have the money put towards the student loan balance.
About JK Harris:
JK Harris & Company, LLC, (www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, investment fraud, fee-based financial planning, tax return preparation, and audit representation.
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