The following blog post will explain how to avoid or stop student loan wage garnishment.
After a federal student loan wage garnishment is suspended, you’ll be able to consolidate and eventually get loan forgiveness.
How to Stop Student Loan Wage Garnishment
- Contact the third-party collection agency and request to “Enroll in a loan rehabilitation program.”
- Your monthly payment gets based on family size and adjusted gross income. However, you can request to include additional expenses to get a lower monthly payment. Include receipts for each expense.
- After you make five of the nine required monthly payments to complete a loan rehabilitation program, the federal student loan wage garnishment will stop.
WATCH VIDEO: How to Stop Federal Student Loan Wage Garnishment
Step-by-Step Instructions on How to Stop Federal Student Loan Wage Garnishment:
Sign up for a loan rehabilitation program to avoid or stop wage garnishment for past-due federal student loan debt payments.
A loan rehabilitation program is offered directly through the third-party debt collection agency handling your federal student loans due to late payments.
How many monthly payments are required to graduate from a loan rehabilitation program?
To complete a loan rehabilitation program, you must make nine monthly payments. However, after making only five of the nine payments, the student loan wage garnishment will stop.
You must continue making your nine monthly payments. Otherwise, the student loan wage garnishment will resume.
How low can the monthly payment be on a loan rehabilitation program?
Your monthly payment on a loan rehabilitation program can be as low as $5 per month.
How to get federal student loan default marks removed from credit?
After completing the loan rehabilitation program, the default marks will get removed from your credit report.
How to consolidate federal student loans and get on an income-based repayment plan?
After graduating from the loan rehabilitation program, you’ll be eligible for student loan consolidation, forbearance, income-based repayment plans, and loan forgiveness.
After graduating from a loan rehabilitation program:
- Consolidate your federal student loans.
- Get on an income-based repayment plan that offers loan forgiveness.
- Do you have a public service job? Get on the Public Service Loan Forgiveness (PSLF) program.
- Recertify annually.
- Apply for loan forgiveness.
- Make sure to remain current on all monthly payments!
Additional Free Resources:
- Click here for details and instructions on consolidating, getting on an income-based repayment plan, and loan forgiveness.
- Click here for more information about loan rehabilitation.
- Click here for Credit Card Debt Relief Programs
- How to fight a debt and win
Need help stopping federal student loan wage garnishment?
Golden Financial Services can help you:
- stop a federal student loan wage garnishment
- get the lowest monthly payment
- consolidate federal student loans
- get on an income-based repayment plan
- recertify annually
- get loan forgiveness
For assistance with managing your federal student loans and stopping federal student loan wage garnishment– call (866) 376-9846. You may also text Paul Paquin at 619-840-4626 to coordinate a free consultation.
How fast can creditors garnish federal student loans?
Creditors only need to provide a 30-day warning notice and then garnish wages when it comes to federal student loans. For that reason, if you are behind on federal student loan monthly payments, do not procrastinate in taking action.
How to avoid federal student loan wage garnishment if late on monthly payments?
If your federal student loans have not yet been sent to a third-party collection agency, but you’re behind on monthly payments, request ninety days forbearance immediately. By doing so, you’ll have sufficient time to consolidate and get on an income-based repayment plan that offers loan forgiveness.
The good news is;
- you can quickly stop a wage garnishment
- repair your credit
- consolidate your loans
- get on a low monthly payment
Federal Student Loan Wage Garnishment Laws
Can I stop federal student loan wage garnishment on my own?
You can do all of this on your own.
If you’d prefer to join a debt relief program and have the experts at Golden Financial Services assist you, call (866) 376-9846.
To qualify for a debt relief program, you must owe above $15,000 in student loans or credit card debt.