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Summary: The maximum wage garnishment for failure to pay a student loan is usually 15 percent of the take-home income, and wage garnishment severely hurts credit history. Find out how the government can take money out of paychecks for loan payments with financial advice from a guidance counselor in this free video on student loans.
Cheri Ashwood has a bachelor's degree in psychology and education and has been a guidance counselor for more than eight years. She is currently working at Tyrone Middle School in...read more
"Hello. I'm Cherie Ashwood, I'm a guidance counselor, and today I'm going to tell you what the maximum wage garnishment for failure to repay a student loan is. Wage garnishment happens when you have failed to make payment towards a loan, or failed to communicate with the lender to work out a payment plan. When wage garnishment starts, that is where the government has required your employer to forward fifteen percent of your take home income towards repayment. So at this point, the loan lender, or the government has decided that they can't rely on you to make payments on good faith, so they're going to take the money out of your paycheck. It is the worst thing that you can have happen. Before wage garnishment ensues, the government is required, or any lender is required to make several attempts to contact you to work out some sort of agreement to get the loans repaid. Wage garnishment hurts your credit history, and it hurts your pockets. And just for the sake of math, fifteen percent of a thousand dollars of disposable income is a hundred and fifty dollars. It's a lot of money, when more than likely, your actual loan payment wasn't going to be that much. I'm Cherie Ashwood. I'm a guidance counselor, and your future starts today."
eHow Article: How to Know the Maximum Wage Garnishment for Failure to Pay a Student Loan
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