Many people graduate from college every year with a mountain of student loan debt. Unfortunately, some borrowers find it difficult to keep up with what they owe and end up defaulting on their loan. As a result, they may soon find themselves facing wage garnishment, which is a last-resort effort creditors use to collect on delinquent debt. If you are in danger of this happening to you, there are ways to avoid it. Here are a few steps you can take to make sure you get your full paycheck.

How to Prevent Student Loan Wage Garnishment 

1. Ask for a Deferment 

If you are simply not making enough income to cover your student loan payment each month, you may consider asking for a deferment. This will stop your loan from entering into default and give you some time to regain your financial footing. Reach out to your lender to see if they will grant you a deferment, which means your payments will be postponed for a certain length of time.

2. Set Up a Repayment Plan 

An income-driven repayment plan can make your payments more manageable by extending your repayment term and reducing your monthly payment. If you have already received a notice for wage garnishment, you will have 30 days from the date it was sent to negotiate repayment terms and make your first payment. This will put a halt to the garnishment. 

3. Consolidate Your Loans 

This process will combine all of your federal loans into one, referred to as a Direct Consolidation Loan. This will have a lower payment than the terms of your previous student loans. If you have defaulted before making this arrangement, you will need to agree to repay the loan under an income-driven repayment plan. 

Preventative action is key to stopping student loan wage garnishment. If you are dealing with overwhelming debt, contact the legal team at Padgett & Robertson, Attorneys at Law to see what your options are. They will analyze your financial situation to see if you would benefit from filing bankruptcy. Offering nearly five decades of experience, they have helped numerous residents throughout southern Alabama achieve debt relief. Call (251) 342-0264 to discuss your financial goals and burdens, or visit them online to learn more about the advantages of bankruptcy. 

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.

We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.