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Federal Student Loans in DEFAULT? Help!?This forum post is dated 04/10/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it. South Dakota - Accounting Jobs
| Federal Student Loans in DEFAULT? Help!? I live in the state of Texas now, but I use to attend college in South Dakota. I took out a federal student loan and when I left in 2005, I began attending in a community college in Aug of 2005 until Spring 2007. I am now enrolled for January 2009 classes to finish up my degree. Yesterday I got a letter at my job from the Education Assistance Corporation for my employer to "ORDER OF WITHHOLDING EARNINGS". I tried to contact an agent, and she would not give me a payment plan, instead she demanded I sign an authorized statement to give my bank account number so that they could take the money out every month, and if I pay for the next 9 consecutive months, they will put my loan in a rehabilitation program which will take it out from default. I was told that it was not advisable that I give them my bank account number. Does anyone have any advice about what I could do? Is it possible for me to set up a payment plan, or is it too late? I was also told that there was some law that prohibited them from garnishing my wages in the state of Texas which is where I am employed, is this true? I thought they had to take me court before they could start garnishing my wages? Can I consult an attorney? |
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