can garnishment be a better way out sometimes?

[energizedmortal]

I have made vital mistakes in life and deserve everything I get. I owe 150k in student loans and am being garnished 25 percent. Long story short, some family members died or lost their jobs and I expected to come out of school and at least make 50k a year to pay 1200 a month for 15 years. I make barely landed 28k doing information technology and soon will have to work for 10 an hour at walmart and starbucks.

 

These are some of my options:

 

1. let them garnish 25 percent of my wages for the rest of my life

 

2. work two dead end jobs get in good standing and give them 50 percent of my wages for 20 years

 

3. join the military and send every dollar to sallie mae for 20 years

 

all options are a life sentence with no family, no social life, no savings, no retirement, no vacation. Which would you choose? Thanks in advance for taking time to respond.

[LogicalNoMore]

I would start by writing a letter to the loan company. Work out a reduced payment plan that can ballon later after you re-organize your finances and career. Yes they ultimately have the right to garnish . The Defeatist attitude doesnt resolve the "current" actions that can move you in the right direction. Have you considered career counseling thru your local United Way? What small goals are you considering to carry you thru the first 5 years of pay back?

Back in the day when my then hubby had a loan, we opted for public transportation and walking as opposed to car insurace,gas and a car payment. We budgeted horrendously low for many things to "make do" til the loans were paid. Trust me...we bonded over pnj sammichs. Working in a pizza shop was grossly under wage yet thru that job...we met Future associates that moved us thru the financial challenges to get ahead.

 

So yes garnish can help for the "today" matter ....yet I would thwart and re-negoatiate a responsible payment plan that gets you back on your feet during this economic challenge...

[tiggerlgh]

This may be better in the Student Loan forum as they are their own animal.