Wage Garnishment and Student Loans.
Date: Tue, 03/10/2009 - 12:57
Wage Garnishment and Student Loans.
Here is the story. I have what I thought was one student loan for approxiamtely $20,000. I was making the scheduled payments on this loan through Sallie Mae for about 6 months before economic hardship caused me to forebearance. While this loan was in forebearance for 1 yr and everything was jut fine, I recieved another letter from Van Ru copr saying that I was about to default on my student loan. Confused I spoke to several of their reps (who by the way were nastyand rude) and I explained that my loan was currently in Forebearance, they then explained me that i had another loan in the amount of$15,000. I made payment of two to Van Ru and with te terrible CS I ended up having a screaming match with a rep (because they would threaten you with garnihment if you were a day late) I ended up telling them to do what they needed to do. I went through trying to fight it being that i could not afford for them to take 15% of my gross. I sent in paper work to the dept of Ed and was denied. Long story short I have been paying them about $400 a month on that one particular loan while remaining in forebearance loan #1 (because now I cant afford to pay that) I have had my income tax garnished also. So Im wondering 1 - if there was any way i could go about fighting this garnishment and # 2 Will they continue to ganish my wages and take my tax refund?? They took my refund last year (prior to the garnishment) which came soon after. Is there anything I can do during such tough times to keep a hold of the little money I do have?? Any suggestion would be of great help, I am willing to try jut about anything at this point!!!!
Sincerely,
Stressed over Loan~
Unfortunately, defaulted student loans will result in the loss o
Unfortunately, defaulted student loans will result in the loss of any tax refund until paid.
By my calculations your take home is $2600 which isnt going to q
By my calculations your take home is $2600 which isnt going to qualify for hardship unless you are supporting a family with children. Plus if you have already been denied, they wont let you appeal unless your circumstances change.
They will continue to take your tax return while you are in garnishment.
You might want to increase your exemptions in regards to the tax
You might want to increase your exemptions in regards to the taxes that are taken out of each check. This would deduct less taxes each check and put more money in your pocket. But, be careful, you do not want to end up owing taxes at the end of the year. Basically, you want to take the money you would get at tax time and spread it out throughout the year.
Kind of a catch 22...deduct less taxes and the garnishment amoun
Kind of a catch 22...deduct less taxes and the garnishment amount is higher...student loans get 15% of disposable wages.