Consolidating student loans in garnishment
Student debt has reached an all-time high in the U. of late, with an estimated 40 million people now owing an average balance of ,000, according to credit report company Experian.
Learn more » Canceling your loan is only available in limited situations, but if you’re in default, it could be an option for you.By Steve Rhode Dear Steve, My wages are being garnished for overdue student loans. I already declared bankruptcy about 6 years ago but of course that doesn't impact student loans.I am just wondering if there is any way to move to making voluntary and automatic monthly payments in replace of the garnishment to repay a student loan?Under certain circumstances, federally backed student loans – such as Direct Subsidized Loans and Federal Perkins Loans – can be discharged or forgiven.
The prospect of your student debt evaporating may seem like a dream come true.Many people have their student loans reduced or eliminated completely in bankruptcy. Much of this depends on what kind of student loans you actually have.