I have a defaulted student loan with a wage garnishment of about $300 per month. Help me consolidate?
Asked by KojakI have a federal student loan that is in default because I was unemplyed for along time after I gor out of college plus with credit card debt. I have a wage garnishment and I want to get undefaulted. I pay $300 a month in wage garnishment and they want another $170 per month as a regular payment for nine months and I can't afford it. I worked with Sallie Mae and they can get me a monthly payment of $183 per month and not $500. But they want three consecutive payments before they will accept it and I can't afford the payments with the wage garnishment. Illinois Student Assistance Commission won't help me out at all about getting rid of the garnishment so I can pay the monthly fee and garnishments don't count. Is there any way I can do something so that the feds aren't screwing me over.
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Answered by Violet777
Well, sorry to break it to you, but the feds are 'screwing you over' because you tried to screw them over. If you were unemployed, you should have worked with them immediately to get a deferment on the loan. And it sounds like you just kind of 'forgot' that you owed the money, since they don't garnish until it's been a very long time and they have tried to work with you with no results. Can you get another job just to cover the immediate expense of the three consecutive payments? Or borrow from someone who won't expect it back right away so you can get ahead, and they won't charge you interest. That way, you can pay them ON TIME, and they will lower the monthly cost. But keep in mind that as soon as you don't pay the new amount on time, they will most likely bump up the payment again. You won't get rid of the garnishment, because it's a legal action handed down by the court. That's your punishment, basically for not taking care of the money. Good luck!
Well, sorry to break it to you, but the feds are 'screwing you over' because you tried to screw them over. If you were unemployed, you should have worked with them immediately to get a deferment on the loan. And it sounds like you just kind of 'forgot' that you owed the money, since they don't garnish until it's been a very long time and they have tried to work with you with no results. Can you get another job just to cover the immediate expense of the three consecutive payments? Or borrow from someone who won't expect it back right away so you can get ahead, and they won't charge you interest. That way, you can pay them ON TIME, and they will lower the monthly cost. But keep in mind that as soon as you don't pay the new amount on time, they will most likely bump up the payment again. You won't get rid of the garnishment, because it's a legal action handed down by the court. That's your punishment, basically for not taking care of the money. Good luck!
