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Thread: Wage Garnishing...

  1. #26
    Veteran Member Vela Valentine's Avatar
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    Default Re: Wage Garnishing...

    I'd say that's pretty substantial! lol.

    xoxoxox


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  3. #27
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    Default Re: Wage Garnishing...

    Absolutely correct !

  4. #28
    Banned Melonie's Avatar
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    Default Re: Wage Garnishing...

    Your best bet would be to contact them, tell them how much you are making monthly, and send a copy of last years tax return as proof, and ask for a payment amount based on the amount you make.
    There is a new 'policy' being rolled out that supposedly limits the maximum amount of monthly student loan payments to 10% of the person's 'disposable income'. Student loan servicing agents aren't voluntarily making delinquent student loan borrowers aware of this new 'policy'.

    see

    The good side of this new 'policy' is that signing on will stop the IRS from garnishing wages, seizing tax refunds, and seizing other assets to satisfy delinquent student loan amounts owed. The bad side of this new 'policy' is that additional interest charges continue to add to the total amount owed, such that you may wind up paying 10% of your 'disposable income' toward student loan debt for the next 25 years !!!

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    Default Re: Wage Garnishing...

    Thank you, I believe , if I read it correctly, I am ineligible for the policy because I defaulted and its been months since my last payment.

  6. #30
    God/dess Cam_Model_Jess's Avatar
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    Default Re: Wage Garnishing...

    Where did you read that? The only thing I read (if you're referring to the link Vela posted) is that once you're in rehabilitation, you must make 9 payments within 20 days of their due date & within a 10 month period in order to come out of default status. Since your company won't take less than the $522, you're back to just paying them what they want, but it's in your hands instead of being in the collection stage (taking your taxes, etc.). If they're still willing to take the $522 from you, that means that you can still pay it. Just ask them about the rehabilitation so that you know that your payments are going not only to lowering your balance but also toward removing the "default" status on your credit report.

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  8. #31
    Banned Melonie's Avatar
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    Default Re: Wage Garnishing...

    I am ineligible for the policy because I defaulted and its been months since my last payment.
    That may be true now IF your loan servicer has already obtained a 'judgement' against you ( leading to garnishments ), but can be changed. As CamModelJess has already pointed out, by making nine consecutive full amount monthly payments you become eligible for 'rehabilitation' ... at which point you can apply for the IBR program.



    I don't know how much you earn or how much you owe, but based on a $529 a month 'normal' payment you're probably in the $50k balance ballpark ... with another $250 a month of interest charges being tacked on to the loan balance for every month that you don't make a payment. At the rate you are going, you'll wind up owing the gov't $100k when you reach retirement age, and they'll start garnishing money out of your social security checks !!! If there's any way you can qualify for 'rehabiliation' followed by IBR it will save you tens of thousands of dollars in the long run.
    Last edited by Melonie; 09-11-2013 at 01:39 PM.

  9. #32
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    Default Re: Wage Garnishing...

    This is all especially terrifying because I only recently realized that the comp I have been attempting to cam on is so insufficient it isnt funny. Oh my my....

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