Accrued Interest Collections Garnishment 
Sawin & Shea
NOVEMBER 30, 2022
Once this happens, you may face serious ramifications, including wage garnishment and the offset of your federal tax refund and Social Security benefits. If the lender sells the loan to a collection agency after you default, you’ll also face additional fees and higher interest rates. Contact Indianapolis Student Loan Lawyers.
Titan Consulting
JUNE 7, 2020
Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Interest Holiday : Interest will not accrue during the payment suspension period. Do I have to make payments on my student loans during the COVID-19 Pandemic?
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Credit Corp
JULY 9, 2024
Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time. Private lenders can sue you to collect payments.
Collection Industry News
JANUARY 10, 2025
Medical credit cards with deferred interest often end up hurting people with lower credit scores, according to the CFPB. Debt-collection lawsuits often end up with a judgment in favor of the card issuers, says Chi Chi Wu, senior attorney at the National Consumer Law Center.
Credit Corp
MARCH 9, 2021
However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. If it does, you’ll receive a refund offset notice in the mail in advance of the proposed refund garnishment. To garnish—i.e., With interest and fees, his balance grew to $1,350 by January 2021.
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