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Student Loan Garnishment
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Frederick Said:How long will it take to get my remainder of my tax refund with a student loan garnishment?
We Answered:CALL 1-800-304-3107 ask them.the treasury offset program is the one who can tell you how long before they send your remaining balance.they may be closed on monday because of the holiday.
Albert Said:Does anyone know how I can stop a federal student loan garnishment? I need help paying back too.?
We Answered:If you are at the point of garnishment then you did not defer payments and likely just let the payments get put away like they are going away.
You're going to have to pay the money back now that it's at this point. Student Loans there is no getting out of at all. If you have garnishment then you'll just have to live with it and get it paid off. You had to have really defaulted and not have even tried to work w/ the loan company cause if it's garnishment then you really dropped this and did hope it would disappear. Too many people seem to think student loans are money they won't ever have to pay back and that just is wrong. Had you done things the right way then your monthly payments would have been smaller too cause I borrowed from graduate school and I borrowed a sizeable amount and I pay 60.00 a month.
Joan Said:If a person paid off a wage garnishment for a student loan. Will the get a (1098-E) from the school for taxes?
We Answered:If the interest is deductible, you can claim it as long as you have proof of your payments. And some documentation on the loan which an investigator could use to understand the loan.
You should get the tax form from the institution that received your payment..
Arnold Said:Can you stop a student loan garnishment?
We Answered:You could have contacted the loan holder when you were unemployed for a special circumstance freeze. It usually buys you some time in which you don't have to pay your loan but it still accrues interest because you lost your job.
But apparently you did not do that. Your best bet is to call the loan holder and find out your options. Don't call someone else or Yahoo answers. Call who holds the loan.
Johnny Said:Student loan garnishment overage?
We Answered:When you go into default, the interest rate is jacked up and your loan balance increases due to default "penalites" and fees. What started out as a small loan of 3,500 can EASILY baloon into a debt of $5,000 or $10,000 or more depending on how long you let it go. Every day you don't pay on it after you go into default the lender is allowed to charge you these high fees and astronomical interest rates. (Which is why it is never a good idea to have a student loan go into default.)
By the time you pay it off, you will have paid much more than the 3,500 and even more than the amount they quoted you (2,347.00) because often times the amount that is being garnished from your paycheck isn't even enough to pay the hiked interest payment portion of the loan every month.
Many times, when wages are being garnished the balance on the loan still INCREASES every month because the interest was jacked up so high and the amount they garnish isn't sufficent to pay down the loan.
So when you talked to them on the phone, the payoff balance of 2,347 was probably correct, but only for that DAY. The following day, your loan would again have interest ADDED to the amount that was outstanding. Let me explain..
Example: Let's say your wages are being garnished at 100 dollars a month.. but the interest alone on the loan is 150 dollars a month... (remember that payment that is suppose to be 300 a month? There was a reason it was this high!!! You have to pay more than the interest or it will never get paid off) so every month the amount you owe (2,347.00) goes UP BY 50.00!!! This is even WITH your paycheck being garnished at 100 a month. So after a year of wage garnishment (12 months) the amount you owe is actually more by 50 dollars X 12 months = 600 plus interest and fees and penalties.. so after a year you owe more than 2347+600= +2,947
In this situation, you would have to add to the amount you are paying for you to ever get ahead on this loan...otherwise this could continue forever or until your wages increase enough so they can (and will) garnish more money than the amount ($100) they are currently taking
Sounds like this is happening to you.
Floyd Said:How do I get my student loan out of garnishment?
We Answered:scholarships.onlinewebshop.net - it provides some tips about applying to US federal and state grants for college students.
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