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Even though youcannot withhold stimulus fundsfrom unpaid child support or student loans, the IRS will accept Recovery Rebate Credit funds, as CNET points out. What If You Can鈥橳 Cash A Stimulus Check? The federal stimulus checks can be cashed at your local credit union or bank.
People also ask
Will my stimulus check affect my student loans?
Under the CARES Act, millions of Americans will be receiving stimulus payments of up to $1,200, which they can use as a financial cushion in light of the growing economic crisis. But 44 million Americans also carry student loan debt. Many are worried about how their stimulus checks could impact their student loans.
Will the new stimulus package help you pay off student loans faster?
The new stimulus package can help you pay off student loans faster. Here鈥檚 what you need to know. The new $900 billion stimulus package that President Donald Trump signed into law has several benefits, including a second stimulus check, enhanced unemployment benefits and small business loans.
Should you use stimulus money to pay down student debt?
Most advise against paying down debt and recommend either spending the check or saving the money if your financial situation seems uncertain. But those with student debt (and little other consumer debt) should consider using stimulus money to pay down loans.
Can collection agencies seize stimulus checks for defaulted student loans?
The recovery rebate can be reduced to repay unpaid child support, but not defaulted federal student loans. This suspension applies to all private collection agencies under contract to the U.S. Department of Education. But, private collection agencies can seize stimulus checks to repay defaulted private student loans and other debts.