Now you can get
relief help from your federal student loan
by dramatically reducing interest
and bringing the loan current.
With
the harsh economy, high unemployment, living and health care costs
rising, a student loans is most likely to be the last thing on most
consumer's list of bills to be paid. Education has become a costly
venture with 70% of undergraduate students requiring some sort of
financial aid in 2008. Once they graduate, out of school and out in
the real world where employment is almost non-existent, student
loans are quickly put into the background of everyday life.
Regardless, defaulting on student loans can lead to bigger problems.
Federally funded student loans, such as those obtained from the US
Department of Education, can be vigorously pursued for payment by
the Department using some powerful collection tools such as, adding
collection fees, attaching your tax refund, wage garnishment,
garnishment of federal benefits and lawsuits.
Call 1-866-944-7261 today to get a FREE
student loan relief evaluation to help get
your defaulted student loan back on track.
Collection Fees on Student Loan Debt
The loan guaranty agencies that guaranteed your
loan can assess additional collection fees if you fall behind in
your payments. If the Department of Education contracts a collection
agency to try to collect from you, they charge the Department
Education a commission for their collection agent, which is passed
on to you.
Every year during tax filing time, the loan guaranty agency that
guaranteed your student loan reviews your records to see if you are
in arrears for more than 90 days. If that is the case, they will
notify the IRS who then stops your tax refund. The loan guaranty
agency will then notify you that you will not be receiving your
refund. This process will is repeated each year until your debt is
paid in full.
Wage Garnishment from Defaulted Student Loans
The loan guaranty agencies can garnish your wages for payments or
money owed in arrears. The agency can instruct your employer to hand
over to them a portion of your paycheck up to a maximum of 15%.
There are limitations on the amount that can be garnished. The full
15% cannot be taken if it would mean that your weekly income would
be less than 30 times the federal minimum wage.
Garnishment of Federal Benefits from Defaulted Student Loans
Social Security retirement and Social Security disability benefits
may also be garnished for loan arrearages. Supplemental Security
Income is not affected. The first $9000 or $750 per month may be
taken but the total amount may not be over 15% of your income. If
your Federal benefits are not over $750, then no money may be
garnished.
Lawsuits from Defaulted Student Loans
The Department of Education can file suit against you for defaulting
on your student loans. Unlike some other debts, there is no statute
of limitations and they can sue you indefinitely. Even so, the
Department is not likely to sue if they perceive you have no assets
that total the value of the amount owing or if suing you would cost
them more than they could possibly collect.
There is also the possibility that he department of education can
also be perusing you in error if you paid the arrears in full are
making payments under an arrangement or have been granted
forbearance, a delay or a cancellation. Additionally, if you have
become permanently disabled since taking out the loan, the loan is
fraudulent and not your loan. Dropped out of school or never
attended and the school has not refunded your money.
As you can see defaulting on student loans can become very
complicated and there are many issues to consider.
Call 1-866-944-7261 today to get a FREE
student loan relief evaluation to help get
your defaulted student loan back on track.
