Student loan garnishment is extremely common in today’s job market. It’s no longer easy to find a job as it once was so a lot of college students are unable to find adequate employment for many years. This may force them to default on their student loans.
The student loan becomes less of a priority when there is a family to support or bills to pay. Your education becomes a massive burden that you wish you’d never taken on if you are having trouble getting a job. After all, it’s not helping you very much right now.
Unfortunately this is quite common and people go to college because they can find a better, higher-paying job. But it’s not always the case. Often, the student acquires a massive debt, sometimes in a six figure range, and ends up never getting a job that allows them to pay their bills and still make their student loan payments.
But none of it really matters to those who give out the student loans. They only care about getting their money and they’ll take it by any means necessary even if it means ripping money right out of your bank account or steal the income you’ve barely scraping by on. It’s called garnishment and surprisingly, it’s legal.
But you can prevent student loan garnishment by filing an undue hardship petition with the guarantor or educator or whoever loaned you the money and is now trying to collect it. By proving that the garnishment is an extreme hardship through showing your income, bills, and other household expenses, you may be able to halt or delay the garnishment.
You may also qualify for a loan consolidation that can help you lower your payments. If possible, it’s best to continue making small payments so that you don’t have to worry about garnishment at all.