Information On Student Loan Garnishment
A single default on your student loan can cause a big trouble for you. If you fail to make regular payments on your student loan, you may face student loan garnishment. This means that the government can take a limited portion of your income when you are in default. The government can take up to 15% of your disposable income. However, it can not take more than 30 times the current federal minimum wage. You can object to a garnishment on the grounds that it can cause financial hardship for your family. Another way to avoid this garnishment is to contact the lender of your student loan and try to negotiate a repayment schedule with the lender.