Help with federal student loan consolidation and wage garnishment removal
Date: Tue, 07/03/2012 - 09:50
Hey guys, I wanted to write a post here to let people know about this program that is out there to help people with their loan situations. The federal government has a consolidation program that allows federal loans to be consolidated, which can do many things for borrowers. One, if you are in good standing and are paying a high amount, it can lower your payments based on your income rather than what you owe. If you are in default, it will take your loan out of default and transfer them from the collection agency holding the loan to the Department of Education. If you are being garnished, depending on the agency garnishing, it can also stop that as well. The bad thing is, there are some companies out there that won't allow your loans to be consolidated unless you appeal the garnishment that they have imposed on you. If that's the case, then you're probably going to want to get someone to handle that for you, as it is a confusing process. I had an issue with a garnishment of 25% of my wages with one of the more difficult companies. They weren't budging on the garnishment, and it was putting me into a hardship.
MOD NOTE...ADVERTISING LINK REMOVED.
Also note....federal student loan garnishments are 15% of disposble wages, not 25%.
MOD NOTE...ADVERTISING LINK REMOVED.
Also note....federal student loan garnishments are 15% of disposble wages, not 25%.
A single guarantor may only garnish you 15%...however if you def
A single guarantor may only garnish you 15%...however if you default on a second agency, they may garnish you an additional 10%. Monkeybutt so nice to point out I forgot to mention this, although the original poster only talks about 1 garnishment.
