I have a student loan I defaulted on and they are threatening to garnish my wages. Is there anything I can do to prevent this? I would like to start making monthly payments but cannot afford large payments and they are requiring a large down payment to get into a payment arrangement and I'm not sure what to do. Also, if they do end up garnishing wages what is the maximum amount they can take?
1 Answer from Attorneys
Re: wage garnishment
Student loan defaults are difficult. Not only can and will they garnish your wages, but they will likely try to garnish your bank accounts as well, both individual and joint. You need to take steps to prevent this from happening. If you do not make satisfactory repayment arrangements, you cannot stop the garnishment of 25% of your net pay (gross minus taxes).
If you can get a loan from a family member to help you out, that might be a good idea.
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