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Re: student loans
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Posted by joanne (217.162.249.76) on June 15, 2002 at 11:32:32:
In Reply to: student loans posted by Marcy on June 14, 2002 at 23:59:18:
OK, the relevant thing is not shoulda, coulda, woulda, its what you have to do NOW. Your husband is not eligable for rehab because they want 1-1.5% of the outstanding balance, how many loans make the 60+, and are they all with the same CA? at any time, you can make voluntary payments of any amount (25 per loan would be good enuff) to the US dept of Ed in greenville TX, START NOW, as this will stop garnishment proceedings, cause you are showing them you are trying,, stop talking to the CA.PLS call 1 800 621 3115, its the dept of ed directly, they will tell you to avoid garnishment you must start sending voluntary payments on the loans NOW, as far as not being concerned with them garinishing, yes you do, an employer cant dismiss after one garishment, but they can after the second,, dont take the chance, nor the embarassment, I dont know how much your husband is being garished now,, but the max allowed by federal law for all garishments is 25% of take home, per paycheck,,, also, if you own anything, they can sue you in federal court,,, otherwise head for the garishment, and they dont need to go to court for that,, and once it starts, you have no chance to stop it, until the 60+ is paid, and interest and fees will cont to grow,,
from dept of ed to employers:
The employee’s salary is subject to a prior garnishment and your company is only allowed to pay one garnishment at a time. If the first in time garnishment results in a withholding of less than 25% of the employee’s disposable pay, the U.S. Department of Education’s (ED) wage garnishment order is still operable to the extent that no more than 25% of the employee’s disposable pay is garnished in total (either single or multiple garnishments). For example, if an employee’s salary is already being garnished, but that prior garnishment only garnishes 15% of that employee’s disposable pay, ED can collect the full 10% to which is entitled under 20 U.S.C. § 1095a. On the other hand, if the prior garnishment garnishes 20% of the employee’s disposable pay, then ED may collect only 5% until the prior order is fully satisfied or terminated. ::: finally I have read on other sites, where CAs refused rehab, cause the person couldnt pay the 1-1.5%, so the the person started voluntarily paying 10 a month to dept of ed, without asking, after 12 months this person got a letter in the mail from dept of ed, that the loan was rehab, and available for consolidation,, keep in mine though this was 1 loan of 2,000.... good luck,,,
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