I defaulted on a federal student loan, which had about $18,000 left on it, back in 1983 or 1984. Collection agencies have contacted me a few times over the years but I ignored them. I have not heard anything from them for many years now. Suddenly, I received notice that my wages are being garnished. OK, I deserve that. But what they want from me is $81,950. 30 years of accrued interest. I am just two years from retirement. How can I get this surreal amount reduced? Can they also garnish my social security? If I live to be 110, it will not be paid off.