Navigation

Student loan is under wage garnishment

Message Author
PostPosted: Sun Apr 15, 2007 12:08 pm Subject:

I just saw a report today and it was regarding the government stepping in and handing out huge fines for corruption with this system. Sallie Mae was the biggest offender. The investigation showed that students and their families were directed towards loans with higher interest rates and if they chose certain providers then the financial aid officer received a bonus from the loan company. Stated that the colleges were involved. And the government is handing down fines in the multi-millions of dollars for the corruption activity. And corruption isn't my word, it is the federal governments.
WHEREAMI




Leave a quick message for WHEREAMI
Joined: 26 Aug 2006
Posts: 5324
Debtcc Points: 71256

PostPosted: Sun Apr 15, 2007 8:34 pm Subject:

I saw the report as well. Not only that, but several high ranking officials in the government are heavily invested in Sallie Mae. Schools were directing students and families to those loans because the lenders were giving the schools kick-backs. It'll be interesting to see how this develops.
_________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)

The science is in knowing, the art is in perceiving - Robert Fripp (1946-)

Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
LawStudent
Moderator
Law Student
Moderator

Leave a quick message for LawStudent
Joined: 04 Apr 2007
Posts: 1191
Debtcc Points: 16430

PostPosted: Sun Apr 15, 2007 8:49 pm Subject:

Sigh...guess who my student loans are with? Of course, I have had my deferred until December 28th 2007...but that sure seems to be coming quick huh?
Leah
Debt Samaritan
Leah
Debt Samaritan

Joined: 04 Mar 2007
Posts: 2334
Debtcc Points: 50556

PostPosted: Mon Apr 16, 2007 12:38 am Subject:

One could only hope for one of the greatest acheivements of George Bush the first -- an amnesty for student loans.
_________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)

The science is in knowing, the art is in perceiving - Robert Fripp (1946-)

Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
LawStudent
Moderator
Law Student
Moderator

Leave a quick message for LawStudent
Joined: 04 Apr 2007
Posts: 1191
Debtcc Points: 16430

PostPosted: Mon Apr 16, 2007 3:10 am Subject:

Yes, I forgot about that segment in the report stating that government officials had invested in these companies and didn't they also say that they uncovered that some of these financial aid officers were also given the opportunity for investment if they steered students towards their programs? That report absolutely disgusted me.
WHEREAMI




Leave a quick message for WHEREAMI
Joined: 26 Aug 2006
Posts: 5324
Debtcc Points: 71256

PostPosted: Mon Apr 16, 2007 11:16 am Subject:

Back when I was collecting, as a manager I used to go to a lot of conferences. Even back 15 years ago, there was talk of getting rid of the state guaranty agencies and going completely to Direct Lending thru the DOE. That would basically put Sallie Mae, Citibank and others out of the loop. I really think that this scandal will probably result in a bigger push towards direct lending.

By the way, Sallie Mae is being sold.
http://money.cnn.com/2007/04/16/news/compa...dex.htm?cnn=yes

Student loan amnesty...will never happen. Interest rate reduction is more likely.

SOAPLADY
Moderator


Leave a quick message for SOAPLADY
Joined: 07 Feb 2007
Posts: 895
Debtcc Points: 12786

PostPosted: Mon Apr 16, 2007 1:54 pm Subject:

Even with a reduction in interest rate could save a person thousands in the long run.
WHEREAMI




Leave a quick message for WHEREAMI
Joined: 26 Aug 2006
Posts: 5324
Debtcc Points: 71256

PostPosted: Mon Apr 16, 2007 7:02 pm Subject:

I heard a report today that Sallie Mae has just been sold in a multi-billion dollar deal. I didn't catch who bought it though.
_________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)

The science is in knowing, the art is in perceiving - Robert Fripp (1946-)

Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
LawStudent
Moderator
Law Student
Moderator

Leave a quick message for LawStudent
Joined: 04 Apr 2007
Posts: 1191
Debtcc Points: 16430

PostPosted: Mon Apr 30, 2007 12:22 pm Subject: Loan Consoildation

I contacted the agency garnishing my wages and asked about getting my loan out of default. They said i would have to make an additional monthly payment along with what the wage garnishments for 9 consecutive months to get my loan out of default, and that i would not be able to get approved for loan consolidation since my wages are already being garnished. If this is true I'm in some real trouble cuz i can't afford the 15% they are taking out already. I have to work overtime just to make ends meet.
_________________
Register today to cash in debtcc points.
Fermin
Guest




Debtcc Points: 100

PostPosted: Thu May 24, 2007 8:51 pm Subject: Garnish

I received a phone call today at work from the student loan people. I was pretty irate that they called me at work but anyway they told me they could garnish over $400.00 from my paycheck. I make $11.00 an hour and work 37 hours a week. Are they serious? Can they garnish that much or just trying to scare me?
_________________
Register today to cash in debtcc points.
Jantria
Guest




Debtcc Points: 100

PostPosted: Thu May 24, 2007 9:11 pm Subject:

If a federal student loan, it is capped at 15%... Write a letter demanding they only contact you via mail, and send it CMRRR.
_________________
The only people with whom you should try to get even are those who have helped you.
-John E. Southard
Morningstar
Moderator
Morningstar
Moderator

Joined: 06 Feb 2007
Posts: 1653
Debtcc Points: 10696

PostPosted: Mon Sep 08, 2008 11:31 am Subject: Student Loan is Under wage garnishment

I have a student loan currently being garnished. They have been deducting 25%, rather than the 15% they are suppose to. What do I do?
_________________
Register today to cash in debtcc points.
ACZ
Guest




Debtcc Points: 100

PostPosted: Mon Sep 08, 2008 11:52 am Subject:

Quote:
If a federal student loan, it is capped at 15%... Write a letter demanding they only contact you via mail, and send it CMRRR.


FYI...never do cease a student loan CA. It is an invitation to be garnished.

SOAPLADY
Moderator


Leave a quick message for SOAPLADY
Joined: 07 Feb 2007
Posts: 895
Debtcc Points: 12786

PostPosted: Mon Sep 08, 2008 11:54 am Subject:

Quote:
I have a student loan currently being garnished. They have been deducting 25%, rather than the 15% they are suppose to. What do I do?


First, is this a federal loan? Secondly, check with your payroll department. Your payroll dept is who does the calculations for the garnishment, not the CA or guarantor. You are suppose to be garnished 15% of your disposable wages...these are your wages after taxes, FICA, SSI and healthcare only.

SOAPLADY
Moderator


Leave a quick message for SOAPLADY
Joined: 07 Feb 2007
Posts: 895
Debtcc Points: 12786

Quick Reply
Your Name
Subject
Message body
All times are GMT - 7 Hours
 Previous  1 2
Page 2 of 2

 
About Us | Contact Us | Privacy Policy | Testimonials | Sitemap | Espanol | Media Kit | Terms of Services Navigation
Hacker Safe   Member of IAPDA   DnB Listed