FEDERAL LOANS GARNISH MY PAYCHECK
2006-08-08 12:07:43 · 13 answers · asked by Brandon 3 in Politics & Government ➔ Government
Under the Higher Education Act, the Department and guaranty agencies may require employers who employ individuals who have defaulted on the repayment of a student loan to deduct 10% of the borrower's disposable pay per pay period toward repayment of the debt. Also, the Debt Collection Improvement Act of 1996 permits the Department to garnish up to 15% of disposable pay. Garnishment may continue until the entire balance of the outstanding loan is paid. You should note that wage garnishment is used only for borrowers who refuse to voluntarily repay their defaulted loan and is not used with those borrowers who continue to make regular and timely monthly payments.
2006-08-16 10:26:45 · answer #1 · answered by Rev Debi Brady 5 · 1⤊ 0⤋
I know the minimum monthly payment is $50.00. If it goes into default and they garnish, I know That they cannot tak it all, depends on your income and what you claim on your taxes. I would see a tax accountant/attorney about that one.
2006-08-16 20:15:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
well did you ever consider making any payments. i have had a number of time when i was unable to make payments on mine and found that they were always willing to work with me. for it to have gotten to a point where they are garnishing your paycheck tells me that you obviously made no effort to repay the money you BORROWED. you get no sympathy from me
2006-08-15 11:14:55 · answer #3 · answered by Anonymous · 0⤊ 1⤋
I think it depends on your the amount of your check. I'm sure its a percentage not a set amount...they can also garnish your tax return if they feel the need to do so (FYI).
Good luck
2006-08-08 19:13:53 · answer #4 · answered by American Girl 4 · 0⤊ 1⤋
It depends on the amount of the loan and the intrest rate at the time of the loan
2006-08-16 19:42:57 · answer #5 · answered by kikilee 2 · 0⤊ 1⤋
You got a loan and you can't even spell student or put together a coherent question? They need to get after you, because you obviously frittered the money away.
2006-08-16 17:24:40 · answer #6 · answered by Grandma Susie 6 · 0⤊ 1⤋
If you recieved a student loan and didn't pay it back,then IRS has the right to take every one of your tax refund checks till it's paid off.
2006-08-15 22:32:50 · answer #7 · answered by Anonymous · 0⤊ 1⤋
22%
2006-08-16 15:45:10 · answer #8 · answered by Anonymous · 0⤊ 1⤋
I think it's 20% which is the amount that use for the deferral.
2006-08-08 22:02:40 · answer #9 · answered by Salem 5 · 0⤊ 1⤋
depending on your check about 50.00 dollars a week
2006-08-16 20:08:02 · answer #10 · answered by Anonymous · 0⤊ 1⤋