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IDES overpayment — and students should repay their loans

By Terry Savage on January 12, 2021 | Wild Card & Pandemic Related

Greetings Terry,

IDES sent me an email stating they overpaid me $6,000.00.
I’m self-employed. How do I handle this situation?

Oh, on an other subject….I think college students should be responsible for their college loans.

Terry Says

Sit tight on the IDES request. The new stimulus bill provides they don’t have to clawback their calculation mistakes. I am pretty sure they will figure out this is a good idea to just drop it. (In the meantime,though, they may dock current unemployment benefits, or your tax refund.)

Second, I agree. College students should pay back their original loans — BUT NOT ALL THAT INTEREST that cannot be refinanced, and for many is accumulating at a compound rate of more than 8% annually! The government only pays 1% a year in interest to borrow; why should students be locked into the original rates from when they borrowed? This is NOT the government helping create an educated workforce. It is the government destroying the future of people who tried to better themselves!



a personal
finance question