Can they garnish my paycheck?
2006-10-19 11:41:57 · 18 answers · asked by maxie 1 in Business & Finance ➔ Personal Finance
I don't think they will garnish your paychecks, but they will keep any and all tax refunds you get until it is completely paid off. My husband hasn't got a tax refund in 7 years because of his student loans, but they have never touched his regular pay check
2006-10-19 11:43:57 · answer #1 · answered by ~~kelly~~ 6 · 0⤊ 0⤋
They can't garnish your paycheck, but they will garnish your state refunds. Also, they can go after you eventually and the interest accrues. The thing about student loans are, there are forebearances you can always do. There are legal ways of delaying them. It took me 13 years to pay off my ten year loan because i spent at least 2 years of that 13 years in forebearance.
2006-10-19 20:08:25 · answer #2 · answered by kat h 2 · 0⤊ 0⤋
Your best chance is to contact the holder of your loan and they will
negotiate with you. Depending on your situation, you may get a loan forgiven,
or deferred until you can pay, or let you get away with paying a lesser amount.
You need to initiate the contact. If you let it slide you could be in big trouble
with your credit rating and any gst or tax refunds may be withheld by the
government until the debt is paid. Don't be frightened. Just call them and
give them your information.
2006-10-19 18:49:10 · answer #3 · answered by sunnymommy 4 · 0⤊ 0⤋
Apply for a deferrment, before you get into trouble. Yes they can file a civil suit and garnish your wages (court order) but they would rather try to work things out with you. Just don't hide. Tell them the truth.
2006-10-19 18:44:30 · answer #4 · answered by DENNY 1 · 0⤊ 0⤋
In the UK student loans are only paid back out of your paycheque each month after a threshold or minimum level of income is reached which is £15,000 based on the average graduate earnings of £16,000 by and large if you don't reach the minimum or unemployed you don't pay it back until you are back in steady employment however interest is charged at 2% each month.
2006-10-19 18:52:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes they can garnish your pay check. They can also seize ALL of your tax returns until the debt is paid. Keep in mind that they WILL do it.
2006-10-19 18:49:15 · answer #6 · answered by cyanne2ak 7 · 0⤊ 0⤋
Yo, Pardner. If you don't pay back your student loans 14 heavily armed dudes on horseback will track you down and horsewhip you silly. These guys are uneducated, so you can't reason with them. Save yourself the trouble, and just pay back your stinking loans!!!
2006-10-19 18:56:28 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Well, when you first filled out the form for the loans, and signed the promissory note, it tells you what will happen if you don't pay them back
2006-10-19 18:44:00 · answer #8 · answered by ^_^ 3 · 0⤊ 0⤋
see you in 8-10 years!
2006-10-19 18:43:35 · answer #9 · answered by Al Bundy 4 · 1⤊ 0⤋
they will eventually garnish your wages if you have a job.
2006-10-19 18:51:03 · answer #10 · answered by trevor 2 · 0⤊ 0⤋