Consolidating loans in default
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Did you graduate from college with both a degree and a mound of student debt? These days, the majority of students graduate from their post-secondary studies with student loan debt.
The length of your repayment term on a federal consolidation loan will depend on the total principal balance of the loans you choose to consolidate.
Collectors for defaulted private student loans do not have the same collection powers, but defaulting on both types of loans will have a negative impact on your credit and make it nearly impossible to borrow for a house or car for many years to come. You don’t have 0 to pay a company to help you with your defaulted loans?
I want to know what I can ask for in order to release myself from garnishment forever.
I am starting a new job in the next week or so and I do not want my garnishment to be known at the new company. Susan Dear Susan, I'm assuming these are federal student loans you are struggling with since you mentioned the five payment solution.
If you’re unsure what constitutes default of your particular federal student loan, check the terms of your promissory note. One of the potential legal consequences of defaulting on your federal student loan is student loan wage garnishment.
Wage garnishment means the government withholds money directly from your wages to repay your student loan.