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What is maximum percentage allowed for wage garnishment on federal student loans?
Wiki User
∙ 14y ago
The federal guideline is 15%, but i have seen up to 25% many times.
There are only 2 ways to get out of default on your Federally Guaranteed student loans.
- Contact your collection company or student loan servicer and request to enter the rehabilitation program. Most people qualify, but I have seen some refused when the default is over 10 years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a new lender. In the past, that was an easy process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future.
- The second way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will probably not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back guarantee on their services. You can Google the company name to get the phone #. Ask for Doug, he is very knowledgeable.
Wiki User
∙ 14y ago
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50% of disposable income.
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What is the maximum percentage allowed for a wage garnishment in Rhode Island?
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What percentage from each check can someone garnish?
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What is the maximum percentage allowed for wage garnishment for child support in NY?
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What is the maximum percentage allowed for wage garnishment in Mississippi?
The first thirty days of paid salary after the garnishment order has been placed in effect are exempt from execution. After the thirty days expires all other wages can be garnished at the maximum of 25%. Child support is not considered garnishment under Mississippi law. If a child support withholding is in effect the amount will be deducted before the garnishment action, and will not reduce the percentage of wage garnishment ordered by the court.
