Dear Borrower,
Effective July 1, 2006, under the Higher Education Act Section 488A(a)(1); 20 USC ยง 1095a(a)(1), the garnishment currently being deducted from your wages may increase from 10% to 15%.
See Employer's FAQ Guide
Full Version: 50% Increase in Garnishment as of 7/1/06
I believe it has been "up to 15%" for quite some time. That's what I was told when I was garnished, and that was two years ago!
QUOTE(TxQuiltGirl @ Apr 25 2006, 10:11 AM) 
I believe it has been "up to 15%" for quite some time. That's what I was told when I was garnished, and that was two years ago!
I am pretty sure most of the FFELP lenders have been doing the 10% whereas DOE has already been doing 15%.
QUOTE(LynnInMN @ Apr 25 2006, 01:29 PM)
QUOTE(TxQuiltGirl @ Apr 25 2006, 10:11 AM)
I believe it has been "up to 15%" for quite some time. That's what I was told when I was garnished, and that was two years ago!
I am pretty sure most of the FFELP lenders have been doing the 10% whereas DOE has already been doing 15%.
Probably. I was with an FFELP lender, but I was told that I COULD be garnished UP TO 15%. I just don't really see this as "new news".
QUOTE(TxQuiltGirl @ Apr 25 2006, 02:59 PM)
QUOTE(LynnInMN @ Apr 25 2006, 01:29 PM)
QUOTE(TxQuiltGirl @ Apr 25 2006, 10:11 AM)
I believe it has been "up to 15%" for quite some time. That's what I was told when I was garnished, and that was two years ago!
I am pretty sure most of the FFELP lenders have been doing the 10% whereas DOE has already been doing 15%.
Probably. I was with an FFELP lender, but I was told that I COULD be garnished UP TO 15%. I just don't really see this as "new news".
I didn't finish the letter where it says, "However, we have great news for you! You have been pre-selected to participate in HESC's Loan Rehabilitation Program. Be enrolling in the Loan Rehabilitation Program, HESC will stop your garnishment provided you continue within the terms of the Loan Rehabilitation Program. Completion of the Loan Rehabilitation Program may improve your credit rating and will also restore your eligibility for student financial aid. Help us help you get back on track TODAY!!!"
Aside from stopping the potential of the 5% monthly increase it will help get the clean mark on my credit report. So it's a plus for me. Do they often offer to rehab garnished loans?
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