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#1
02-08-2010, 08:29 PM
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Guest
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Sub:
Wage Garnishment
I currently have a student loan under wage garnishment in Texas where the rehab program no longer exists. I've been trying to find a way out of the garnishment so I can consolidate and get back to good stand. I currently don't have a financial hardship, and have been making payments in addition to the garnishment for the past 5 or so months. But at this rate, it will still be roughly 8-10 years before I could pay them off.
Right now, it looks as though I may be getting layed off in the next month or so. If this happens would my loans then be eligible for Consolidation, as I no longer had wages to garnish. If so, how long would it take for the current AWG order to fall off. Hoping this might end up having a silver lining. 
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#2
02-08-2010, 10:35 PM
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Sub:
If yours is a Federal student loan and you can successfully argue that the garnishment would cause undue hardship on your finances when you'd lose the employment, the lender may work out an alternative repayment plan with you.
In order to stop the garnishment you need to contact the Department of Education (DoE). Wish you luck!
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#3
02-09-2010, 03:54 AM
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The OP says he currently doesnt have current grounds for financial hardship. If employment ends, so does the garnishment. No need to contact the DOE. Another bring point...after being laid off, you cannot be garnished for 12 months once you are employed again.
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#6
02-10-2010, 03:53 PM
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Guest
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Sub:
If you have no job, no assets and no bank accounts, and you only work under 1099 status, REALLY what can these student loans that are in default really do? Put a lein on you? I know it ruins your credit, but if you pay cash for everything, why does this matter? I am very old, over 70 and never intend to buy a house again, credit is a thing of the past.. do I really need to stress? about not paying my $75,000 student loan debt that i have paid on for 15 years with no end in sight?
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