pay you Oh you must be crazy, payments are monthly no can't do this on my own sallie mae, I can't pay off my student loans they're ...
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The Busy Family's Guide to Money
If it's a federal loan, the government can sue you, garnish your wages, ... change your repayment plan once a year. Some lenders, such as Sallie mae, will ...
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Good housekeeping
Ask your lender about loan consolidation, or check with Sallie Mae, ... Plus the government will find you and garnish your wages [S.LJ. from Oregon]. ...
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Your career in psychology, putting your graduate degree to work
Loan lenders and services like Sallie Mae or Nelnet often have ... they will find a way by garnishing your wages, taking income tax refunds or even your ...
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The Default Story
Legally, a default occurs the first time you fail to make a payment when it is due. But if you fail to make your student loan payment for 180 days, your loan will enter the “official” default status and take on a life of its own. This is the point at which the lender will report your student loan as defaulted to the credit bureaus. It is also the point at which a long list of bad things can start to occur. Your tax refund checks can be seized and your wages can be garnished.
What Happened?
Why are student loans so different from all other debts? Well, prior to 1991 the U.S. Department of Education was empowered to collect delinquent student loans for only six years. But in 1991 an amendment to the Higher U.S. Department of Education Act lifted all time limits for collection. And the amendment was retroactive; student loans that were past the statute of limitation for collection prior to the amendment became collectable again. And to further reinforce the longevity of student loan debt, a 1998 change in federal law made it virtually impossible to discharge student loan debt in a bankruptcy.