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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (Nov. 4, 1985)
Monday, November 4, 1985 IRS may witMt Daily Nebraskan Page 3 old refunds an defaulters Pri t s i-m.it FOR LIVING IN 1999 By Deb Hooker Staff Reporter Former college students who have defaulted on Guaranteed Student Loans may not receive part or all of their 1985 tax refunds, said Larry O'Meara, regional director of the Higher Educa tion Assistance Foundation. The foundation is giving defaulters' names to the IRS, O'Meara said. The IRS will hold defaulters' tax returns until loan payments are made, he said. As of Sept. 30, 1984, 6.8 percent of guaranteed student loans distributed in Nebraska had not been repaid. More recent statistics were not available, but O'Meara said he believes more stu dents are making their payments on time this year. "Students are doing a good job this year," O'Meara said. "I'm getting these loans paid back." O'Meara said he thinks the holding of tax returns will give students an additional Incentive to repay loans. Not as many people default on National Direct Student Loans, said Ken Pischel, assistant director of stu dent accounts at UNL As of June 30, 1985, 3.01 percent of former UNL stu dents were not making payments. NDSL loans usually are smaller than GSL loans, he said. More people think they can afford to pay back a smaller loan, he said. Another reason for the better track record on NDSL loans is because the university probably is more persistent in its collection efforts of those loans, Pischel said. The university loses 10 percent of each defaulted loan, he said. The federal government loses the other 90 percent "Guaranteed student loans are like their name implies guaran teed," Pischel said. Unlike the NDSL loans that the uni versity supplies, a student must go through a bank to obtain a GSL, Pischel said. If someone defaults, the federal government reimburses the bank. The banks probably don't try as hard to collect, he said. Former UNL students who have not paid their NDSL loans will receive their 1985 tax returns, Pischel said, because the IRS will not withhold tax returns of NDSL defaulters until 1986. Pischel said he expects the program to result in a few court battles. CONTEST FOR STUDENTS. FACULTY AND STAFF WHAT DO YOU WANT OUT OF YOUR WORK, STUDY AND EXPERIENCES AT UNL THAT WILL BE OF MOST HELP TO YOU IN 1999? Information and Entry Forms Available at: Building Bulletin Boards -From S.A.'s and House Leaders -Call 472-3461,472-2790 or 476-0355 Winners determined at 1999 Forum - Thurs. Nov. 14 7:00 PM-Nebraska Union Program teaches farmers to handle financial stresses of farm crisis By Jen Deselms Staff Reporter The UNL department of agricultural economics uses a "three-pronged ap proach" to help farmers and ranchers deal with the farm crisis, said Deb Rood, department communications as sociate. She said the department offers fi nancial counseling, long-term programs to learn management skills and record keeping. "Managing for Tomorrow," a four workshop program, helps farmers set goals, communicate within the family and handle stress. The program also deals with the financial aspect of farm ing. A computer program shows the effects of long-range budgeting, Rood said. Farmers can choose alternatives to current operations, she said. The com puter simply shows how these changes could affect them, Rood said. After completing the workshop, staff members visit and consult with far mers individually. The program enrol lment fee is $200. The NU Foundation granted $1 10,000 to fund a free emergency counseling program. She said farmers can call the Farm Financial Information Line at (800) 535-3456. Callers are referred to one of 12 counselors across the state. Last year the program helped 450 . families. Rood said she expects more this year because the program will be available for an additional two months. This year's program is open from Dec. 1 to April 30. Operation Shoebox, do-it-yourself record keeping, includes workshops and year-end records analysis, Rood said. The enrollment fee is $250 for the first year and decreases after that. The agricultural economics depart ment also sponsors an in-service training session for county extension agents and a workshop for women in agriculture. She said the 'Women in Agriculture" program teaches man agement skills. Larry Bitney, extension farm man agement specialist, said he doesn't see a bright future for agriculture. He said he hasn't seen the usual signs of a turnaround in agriculture. If the cur rent problems continue, Bitney said, more farmers will go out of business. . 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