Multiple student loan wage garnishments + child support
Date: Mon, 06/15/2009 - 19:15
Can anyone explain to me what the maximum amount of my income can be garnished for student loans and child support? The federal and state laws are just too confusing for me to understand. Btw, I live in Iowa.
I currently have defaulted student loans with two different collection companies. One I believe carries the federal loans, which has been garnishing my wages for approximately the last year and keeping my federal income tax returns for the past 5 or so years. I think the other holds the private loans and will soon be garnishing too. I just started paying child support recently on top of this too.
I can't seem to find a clear answer as to a maximum amount that can be taken from my wages, both on a paycheck basis and yearly maximum.
I get paid bi-weekly. My bi-weekly gross is $1241.60.
I pay $272.67 in fed and state taxes, $50.91 in IPERS, and $5.71 in medical insurance.
I am now paying $131.88 in wage garnishment from federal student loans and $173.23 in child support.
How much more is this 2nd garnishment coming up allowed to take? And is there a yearly limit on either of them?
As you can see, I'm only taking home a little over $600 a paycheck now. I can't live on this much longer, and it appears it's only going to get worse.
Also, I called to find out how much of my garnishment payments from last year (About 6 months worth) went to interest only (since that is tax deductible). Of the nearly $1,100 they garnished last year, only about $200 went to the principle. Is that legal? At that rate, it will take me about 10 years to pay just the federal loans off.
I currently have defaulted student loans with two different collection companies. One I believe carries the federal loans, which has been garnishing my wages for approximately the last year and keeping my federal income tax returns for the past 5 or so years. I think the other holds the private loans and will soon be garnishing too. I just started paying child support recently on top of this too.
I can't seem to find a clear answer as to a maximum amount that can be taken from my wages, both on a paycheck basis and yearly maximum.
I get paid bi-weekly. My bi-weekly gross is $1241.60.
I pay $272.67 in fed and state taxes, $50.91 in IPERS, and $5.71 in medical insurance.
I am now paying $131.88 in wage garnishment from federal student loans and $173.23 in child support.
How much more is this 2nd garnishment coming up allowed to take? And is there a yearly limit on either of them?
As you can see, I'm only taking home a little over $600 a paycheck now. I can't live on this much longer, and it appears it's only going to get worse.
Also, I called to find out how much of my garnishment payments from last year (About 6 months worth) went to interest only (since that is tax deductible). Of the nearly $1,100 they garnished last year, only about $200 went to the principle. Is that legal? At that rate, it will take me about 10 years to pay just the federal loans off.
Your federal loan is 15% of your disposable wage. Iowa allows 2
Your federal loan is 15% of your disposable wage. Iowa allows 25% garnishment so the private loan can only get 10%. Was your child support a voluntary or involunatry garnishment?
Application of your payment in the case of student loans is to collection fees first, then interest and then finally principal.
My suggestion is to get a second job
