Your rights are extremely limited. If you have a specific question, please repost.
The previous person who said that cannot collect after 3 years was completely incorrect; federal student loans have no statute of limitations whatsoever, and ED is still collecting on loans from the 1960s. Collectors of defaulted federal student loans will not negotiate, collectors of private student loans will negotiate.
In the US, if the student loan is Federally Guaranteed then the answer is no. The Dept of Ed. and it's collection agencies will not negotiate or settle a debt. If the student loans are private, then the answer is yes. If you need help with your defaulted student loans, the company listed at the bottom of this text box can help you.
In the US, a defaulted student loan is turned over from the Guarantee agency to a Federally approved collection agency. This collection agency can garnish your wages. If your loans are with various lenders and turned over to multiple collection agencies after default, then I think it would be possible to have multiple garnishments, but collectively they can not be more than 15% of your salary. If more than 15% is being taken, then you should contact the Ombudsmans office at the Dept of Education. He is there to help you. If you want help consolidating your defaulted loans and stopping the garnishment, click on the link at the bottom of this text box.
Be careful making that decision. Defaulted student loans stay on your credit indefinitely. You will have trouble ever getting a house or car loan with defaulted student loans. There is no statute of limitations on collections of defaulted student loans. Collectors can garnish your wages, keep your tax return, and garnish social security later in life. You can not discharge student loans in bankruptcy either. Be careful!
In the US, the government can garnish up to 15% of your wages for defaulted federally guaranteed student loans. You can get out of default by rehabilitating your loans in 12 months, or by consolidating your loans. If you need help with the consolidation of defaulted student loans, click on the link below.
No, the government will garnish wages, keep tax returns, and harass you, but they will not seize property for defaulted student loans. The best thing you can do with a defaulted student loan is consolidation. With consolidation, you can get an income sensitive repayment. In other words, you can get a payment that your budget can afford. The payment can be as low as $0 a month, depending on your income and dependants. You can get assistance with consolidation of defaulted loans at www.defaultms.com
Who pay's a defaulted studentThe student is responsible and if judgment is granted then they take money either from their pay check's or their income tax will be held for payment until debit is payed. So the student has either garnessment of wages or tax return's..... In the US, a cosigner can be removed from a loan if the original borrower consolidates his/her loans in only their name. To get help with the consolidation of defaulted loans, click on the link at the bottom of this text box.
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