Student loans work on federal laws which trump state laws in this case.

Enter Your Samebox Message:

Hi there, I had a student loan of about $50K, that with interest and such has grown to $120K in 3 years (fair? no, but that's another story). Long story short, Sallie Mae charged off my private loans last year. I sent them a letter twice requesting validation, they send me back unsigned notes. There is no record of me agreeing to the terms and conditions of the loan. I got a call today from GC Services, a collection agency; trying to collect on the loan. She threatened garnishment; can they do this?

Enter Your Samebox Message:

You bet

Enter Your Samebox Message:

Perhaps you'd be interested in some sort of debt consolidation service? It's almost criminal to give people the shaft like that, but once you're in a situation like that, there's only so much you can do... =(

Try <a>debt consolidation</a>

Best of luck!

Enter Your Samebox Message:

Student loans cannot be included in any type of debt consolidation services or debt management plans.

Enter Your Samebox Message:

I was told that if they cannot validate with a record of agreement of terms and conditions with your signature then Sallie Mae and any companies they charge off the private loans to cannot collect and they have to leave you alone.

Enter Your Samebox Message:

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

Enter Your Samebox Message:

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

Enter Your Samebox Message:

My uncle co-signed for a private student loan for me. I graduated a year ago. I've only been able to make a couple of payment due to the fact that I only work two days a week. My uncle just received notification that the account has now be referred to a collection agencie. And they will now start either garnishing his checks or taking his taxes. He is unemployed we tryed explaining this to them they could care less. My uncle also tryed explaining to them that he never received this information before. Why are we just receiving a phone call? My question is if I only work two day out of the week and bring $ 120.00 and my uncle is completly unemployed can they still take his money? I would rather for them to take my little money then for them to touch his. He was trying to help, I dont want this to happen to him and his family. They are going through enough already. Please let me know what can be done to stop this.

sw

from new york

Enter Your Samebox Message:

Your uncle as the co-borrower signed a prom note which outlined the terms and conditions of the loan. As with any private loan, once you default, they will send you to a CA. If not paid, it will be sent to an attorney and then you will both be sued. Since this is not a federal loan,they cannot touch taxes. Once a judgement is rendered however,they can garnish wages and seize bank accounts.

Enter Your Samebox Message:

As this is referred as a private loan and most of the student's loans interest rates are reasonable,you need to find out some other resources to pay for the debt.It is true that you have lower waging hours but surely you could find some of the other assignments over a week.Are you still a student?

Enter Your Samebox Message: