... in the state of California. Does it depend on your salary?
2006-10-02 11:07:16 · 2 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
For student loans, the amount is 15%. However, I have never seen anything indicating the total limit is 15%, just that the company holding your loan can ask for 15% so if you have two holders it could possibly be 30%. You are much better off to get ahold of the company that currently has your loan and request a rehabilitation plan. This will provide lower payments and if you make 12 on-time payments the negative credit will be removed from your history.
2006-10-03 11:46:38 · answer #1 · answered by nativeAZ 5 · 0⤊ 0⤋
The amount of earnings that may be garnished in any workweek or pay period to the lesser of 25 percent of disposable earnings or the amount by which disposable earnings are greater than 30 times the federal minimum hourly wage prescribed by Section 6(a)(1) of the Fair Labor Standards Act of 1938. This limit applies regardless of how many garnishment orders an employer receives. As of September 1, 1997, the federal minimum wage is $5.15 per hour.
2006-10-02 18:19:32 · answer #2 · answered by sarric 4 · 1⤊ 0⤋