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I am not disputing that I borrowed the 30k for my daughters college tuition, however, the loan is now over 53k, and I am being garnished at 15%. I have requested that the amount be reduced to 5% over the next 60 days, so that I can sort out what I owe. They informed me that if they do so, i will be agreeing to the balance due. I just need time to sort this out.

is this a federal,or private loan?either way the 15% is the rate that is garnished in your state.also interest accrues very quickly.student loans are not a typical loan so different rules apply.i don't think there is whole lot you can do as rehabbing takes a substantial payment.if they say you owe 53k you owe try and see about rehabbing,but again you owe according to the terms of said loan,and time will only make the balance increase.

Sub: #1 posted on Tue, 06/17/2014 - 05:45

paulmergel paulmergel
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There is no "sorting out" what you is very cut and dry. You owe principal interest and collection fees. Where these PLUS loans???

Sub: #2 posted on Tue, 06/17/2014 - 14:51

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