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Are you ready to attend college or career school, but need financial aid to help fund your education? Check out this video to learn how the office of Federal Student Aid provides more than $150 billion in grants, loans and work-study funds. Visit StudentAid.gov to learn more.

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We wish you a Merry Christmas

From: Bruce Mesnekoff.

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Wage Garnishment is the most common type of garnishment

Edited by: Bruce Mesnekoff

Wage Garnishment is the most common type of garnishment, and is where a part of a person’s earnings are withheld by an employer as payment for a debt, generally resulting from a court order.  The wage garnishments are withheld until the debt is paid through, or other arrangements are mad to pay off the remaining portion of the debt.

The two forms of student loan garnishment are wage and nonwage.  Nonwage garnishment is when a judgment holder tries to garnish funds that are in a bank account.  Wage garnishment is for people who are gainfully employed and have a sufficient earning to back it up.  Those who are not gainfully employed begin the garnishment process when they receive a request for a debtor’s account to be frozen from a court judgment.

 Examples of common wage garnishments are child support, defaulted student loans, taxes, and unpaid court fines.  Wage garnishment can have negative effects on your credit and reputation, as well as your ability to get loans or open new bank accounts.

There are a few restrictions on wage garnishment.  The amount of money available for garnishment is based on the person’s “disposable earnings”, the amount of money left after deductions are taken out.  Law does not require deductions to be made, and are usually not withheld from gross earnings when you are figuring out your disposable earnings under the CCPA.

Restrictions can apply to court orders for child support or alimony.  Student loan garnishment laws allow upwards 50% of a worker’s disposable earnings to be garnished if the worker is paying for a spouse or child.  If the person is not paying for a spouse or child, earnings up to 60% may be withheld from garnishment.

Multiple funds are not subject to garnishment.  Deductions that employees are legally required to pay such as federal, state, and local taxes, unemployment insurance, and Social Security payments are void from garnishment. 

The rules and regulations regarding student loan garnishment vary from place to place and between different banks, so it is important to look into the laws that are for your state on garnishment.

Student loan forgiveness programs are not a quick fix, but in time they can greatly help you pay off your school debts.  By using them you can pay off the loans you never thought you could otherwise.    Continue to visit and check back for more tips and help on paying off your student loans from Bruce Mesnekoff.

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Responsible Borrowing | Thinking about taking out a federal student loan?

You should see this video http://bit.ly/1k7SPwQ

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How to consolidate defaulted student loans

Education has become very accessible thanks to the many bodies willing to lend funds to students. A few years back, laws of repaying such loans were very lenient but the number of defaulters kept increasing. The government and other bodies have now applied very stringent measures and students have no choice but to repay the loans promptly. Today’s economy is not what it used to be, times are harder and people are struggling to survive hence defaulting on student loans is sometimes inevitable. However, the only way to achieve financial freedom is by finding a way to consolidate your loan. There are dire consequences for defaulters which are likely to affect your social, professional and financial life. To regain financial control, it is advisable that you engage the services of a third party organization that has the expertise and resources to help you turn around your financial situation for the better. Defaulting also affects you credit score negatively and consolidation not only gets you out of debt but also helps you to repair your ratings which open up doors to a world of financial opportunities. There are many refinancing organizations which will give you a number of options on how to consolidate your loans in an effort to make them manageable. They will consider factors such as your total loan figure, income and the financial obligations that you are required to meet. Based on this, they will calculate your monthly fees and come up with new terms stipulating the time period of your loan repayment. There are numerous advantages of choosing to consolidate defaulted student loans and the greatest of them is the fact that the loan is confined to one single payment making it easy for planning and allocating funds towards settling the debt. Having to deal with many loans repayments can be draining to say the least and it is also a great financial burden. Another disadvantage is that interest rates are generally higher if one is juggling multiple loans. You save a lot of money by merging all these loans into one manageable package.

You can find more information on Bruce Mesnekoff’s official blog.

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Nationally-recognized expert in student loan management and consolidation.

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A documentary about the student debt crisis. Must See!