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The national debt is composed of distinct types of debt, similar to an individual whose debt may consist of a mortgage, car loan, and credit cards. The different types of debt include non-marketable or marketable securities and whether it is debt held by the public or debt held by the government itself (known as intragovernmental).

The U.S. has carried debt since its inception. Debts incurred during the American Revolutionary War amounted to $75 million, primarily borrowed from domestic investors and the French Government for war materials.

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The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time. In a given fiscal year (FY), when spending (ex. money for roadways) exceeds revenue (ex. money from federal income tax), a budget deficit results. To pay for this deficit, the federal government borrows money by selling marketable securities such as Treasury bonds, bills, notes, floating rate notes, and Treasury inflation-protected securities (TIPS). The national debt is the accumulation of this borrowing along with associated interest owed to the investors who purchased these securities. As the federal government experiences reoccurring deficits, which is common, the national debt grows.

The federal government needs to borrow money to pay its bills when its ongoing spending activities and investments cannot be funded by federal revenues alone. Decreases in federal revenue are largely due to either a decrease in tax rates or individuals or corporations making less money. The national debt enables the federal government to pay for important programs and services even if it does not have funds immediately available, often due to a decrease in revenue. Decreases in federal revenue coupled with increased government spending further increases the deficit.

The U.S. has carried debt since its inception. Debts incurred during the American Revolutionary War amounted to over $75 million by January 1, 1791. Over the next 45 years, the debt continued to grow until 1835 when it notably shrank due to the sale of federally-owned lands and cuts to the federal budget. Shortly thereafter, an economic depression caused the debt to again grow into the millions. The debt grew over 4,000% through the course of the American Civil War, increasing from $65 million in 1860 to $1 billion in 1863 and almost $3 billion shortly after the conclusion of the war in 1865. The debt grew steadily into the 20th century and was roughly $22 billion after the country financed its involvement in World War I.

Notable recent events triggering large spikes in the debt include the Afghanistan and Iraq Wars, the 2008 Great Recession, and the COVID-19 pandemic. From FY 2019 to FY 2021, spending increased by about 50%, largely due to the COVID-19 pandemic. Tax cuts, stimulus programs, increased government spending, and decreased tax revenue caused by widespread unemployment generally account for sharp rises in the national debt.

The national debt is composed of distinct types of debt, similar to an individual whose debt consists of a mortgage, car loan, and credit cards. The national debt can be broken down by whether it is non-marketable or marketable and whether it is debt held by the public or debt held by the government itself (known as intragovernmental). The national debt does not include debts carried by state and local governments, such as debt used to pay state-funded programs; nor does it include debts carried by individuals, such as personal credit card debt or mortgages.

When interest rates remain low over time, interest expense on the debt paid by the federal government will remain stable, even as the federal debt increases. As interest rates increase, the cost of maintaining the national debt also increases.

The debt ceiling, or debt limit, is a restriction imposed by Congress on the amount of outstanding national debt that the federal government can have. The debt ceiling is the amount that the Treasury can borrow to pay the bills that have become due and pay for future investments. Once the debt ceiling is reached, the federal government cannot increase the amount of outstanding debt, losing the ability to pay bills and fund programs and services. However, the Treasury can use extraordinary measures authorized by Congress to temporarily suspend certain intragovernmental debt allowing it to borrow to fund programs or services for a limited amount of time after it has reached the ceiling.

A decrease in your credit hours could also result in changes to your housing allowance and books & supplies stipend. If VA has already issued you a payment for the term a debt will be created on your account.

When you enroll in school and take classes, you enter into an agreement with the school to pay for your classes and the associated fees. VA pays the tuition and fees to the school on your behalf when the SCO certifies that you are enrolled in classes. By law, you are responsible for any debt incurred while receiving benefits under the Post-9/11 GI Bill. VA is required by law to recoup any debt.

You are responsible for keeping track of your tuition and fee account balance. Visit your school's financial office regularly to review your account, ensure the charges are correct and that payments and refunds are processed correctly. Contact your SCO to make sure the certification sent to the VA matches your schedule. Please contact the Debt Management Center (DMC) when you receive a debt letter in order to make arrangements to pay the debt or discuss options if repaying the debt will cause a financial hardship.

If you have questions about where the debt came from or how VA processed your education benefits, please call 1-888-442-4551.

If at any time during this process you contact the Debt Management Center to dispute the debt, request a waiver, or fulfill your debt obligation, the steps listed above are either suspended or amended.

If you are set up on a payment plan under your current benefit program, the payment plan only applies to the debt under that benefit. Once you elect to receive benefits under another program, the debt will be recouped from your last payment under your current benefit program, up to the full amount of your last payment (in other words, there's no deduction amount from the last payment, the last payment is completely recouped unless an amount lesser than the amount of the last payment pays the debt in full).

If the debt is not completely paid, we will transfer the remaining amount of the debt to the new benefit program and the payments under the new benefit program will be reduced until the debt is paid in full.

If you owe money to certain government agencies and institutions, we are authorized to withhold or reduce (offset) your Virginia tax refund to satisfy the debt, in accordance with the Virginia Debt Collection Act (Va. Code 2.2-4800 et seq.) and the U.S. Treasury Offset Program (31 U.S.C. 3716).

Before we issue a refund, our systems check against these claims. If there is a pending claim, or multiple claims, we will withhold or reduce your refund by the amount of the debt owed. We will send you the details of the debt, including the agency making the claim, how much of your refund was applied or withheld, and a phone number to call in case you have questions.

If you have delinquent debt with us, we can submit a claim to the U.S. Treasury Offset Program (TOP) to withhold or reduce any of your federal income tax refund by the amount of your tax debt. The claim may also be applied to eligible federal vendor payments for businesses with outstanding debt.

When a borrower is obligated on a non-mortgage debt - but is not the party who is actually repaying the debt - the lender may exclude the monthly payment from the borrower's recurring monthly obligations. This policy applies whether or not the other party is obligated on the debt, but is not applicable if the other party is an interested party to the subject transaction (such as the seller or real estate agent). Non-mortgage debts include installment loans, student loans, revolving accounts, lease payments, alimony, child support, and separate maintenance. See below for treatment of payments due under a federal income tax installment agreement.

When a borrower is obligated on a mortgage debt, regardless of whether or not the other party is making the monthly mortgage payments, the referenced property must be included in the count of financed properties (if applicable per B2-2-03, Multiple Financed Properties for the Same Borrower.

Note: A timeshare account should be treated as an installment debt regardless of how it is reported on the credit report or other documentation (that is, even if reported as a mortgage loan).

Lease payments must be considered as recurring monthly debt obligations regardless of the number of months remaining on the lease. This is because the expiration of a lease agreement for rental housing or an automobile typically leads to either a new lease agreement, the buyout of the existing lease, or the purchase of a new vehicle or house.

Revolving charge accounts and unsecured lines of credit are open-ended and should be treated as long-term debts and must be considered part of the borrower's recurring monthly debt obligations. These tradelines include credit cards, department store charge cards, and personal lines of credit. Equity lines of credit secured by real estate should be included in the housing expense.

If the credit report does not show a required minimum payment amount and there is no supplemental documentation to support a payment of less than 5%, the lender must use 5% of the outstanding balance as the borrower's recurring monthly debt obligation.

For DU loan casefiles, if a revolving debt is provided on the loan application without a monthly payment amount, DU will use the greater of $10 or 5% of the outstanding balance as the monthly payment when calculating the total debt-to-income ratio. ff782bc1db