The government seized her tax refund to cover her student loans. Now she is trying to get it back.
The government doesn't always appreciate the significant role tax refunds and credits play for financially vulnerable Americans, Yu said.
A single father said he became homeless; a veteran and father of four said he expected to lose his car. The average annual income for student loan borrowers in default in 2009 was $28,680, according to Mark Kantrowitz, an expert on student debt.Akilah McCadney, a single mother of three in St. Louis, learned earlier this year that her tax refund would be seized by the government for her student loans. Thanks to her child and earned income tax credits, she was expecting more than $8,000.
Desperate to still get her refund, McCadney filed for bankruptcy since the process temporarily suspends Treasury Department offsets. She received her refund after a month. Seizing tax credits and refunds from low-income people, Yu said, is not financially sound public policy.
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