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by degree9419 on October 30th, 2009
student loans are usually federally backed and their threats can not be empty. They do not need a judgment to impose garnishment or seize your tax refunds. They also have no statue of limitations. So call the collection company, enroll in the federal loan rehabilitation program and it will go back into good standing after 9 to 12 payments. You will then have the derogatory trade removed from your credit report and you can move on with your life. payments in the program are usually 1 to 3 % of the balance of the loan. Garnishment payments are usually 15 % of your net pay. hope this helps.
credit cards need judgment to impose involuntary collection actions, you can sue credit card collections that threaten you for adverse action that are not intended.
by scubaduba on October 18th, 2007
Student loan debt is tax deductable and credit card debt isn't.
by squid on October 18th, 2007
Generally, credit card debt has higher interest than student loan debt. You get student loan debt by doing the responsible thing of going to school. You get credit card debt by doing the irresponsible thing of spending more than you earn.
How can I pay a student loan online?
by Answerbag Staff on April 7th, 2011
| 1 person likes this
Who determines eligibility for student loans: the school or the government?
by Answerbag Staff on March 10th, 2011
| 1 person likes this
Can i get another school loan before i finish paying off my old one? I never have been late or missed a payment.
by Strawberry on August 10th, 2011
| 2 people like this
Can I take out a student loan to pay off my mortgage? That seems like the best way to finance things these days.
by I gave her a wink and a smile on October 28th, 2011
| 1 person likes this
Can I consolidate again after I earn my master's degree?
by Answerbag Staff on March 10th, 2011
| 1 person likes this
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